Shares of Vodafone Idea are up nearly 3 percent in today's session and are nearing the mark of Rs 11.

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The last time the stock traded above the mark of Rs 11 was back in February 2022. The stock has oscillated between gains and losses over the last five trading sessions.

Vodafone Idea's shares are up 8 percent so far this week. This comes after the stock reported back-to-back weekly gains of 14 percent each. Over the last three weeks, the stock has risen 42 percent.

The last instance of the stock gaining for three weeks in a row was between the end of May and early-June 2023.

Vodafone Idea's market capitalisation crossed the mark of Rs 50,000 crore on Wednesday for the first time.

A Times of India report on Monday stated that the company has cleared around 10 percent of its dues for the April-June quarter to the Department of Telecom. The company has promised to clear the remaining of the dues by the end of September, the report said, citing sources with knowledge of the matter.

Debt-ridden Vodafone Idea had earlier mentioned that it received communication from a promoter group entity promising financial support of up to Rs 2,000 crore if needed to support its payment obligations. The company's net loss at the end of the June quarter widened to Rs 7,840 crore.

The company's management also recently mentioned that fund raising plans have gathered steam in recent times.

Shares of Vodafone Idea are trading 2.9 percent higher at Rs 10.80.

First Published:Sept 8, 2023 10:49 AM IST