Reliance Jio added 2.94 million users in April, compared to 3.23 million additions in March, while Bharti Airtel added 3.14 million subscribers during the month against 5.09 million additions in March.
Investor sentiment around Vodafone Idea also received a boost after CRISIL Ratings upgraded the telecom operator’s credit rating to A- with a stable outlook.
The ratings agency cited the company’s proposed ₹35,000 crore fundraising plan and continued support from the Aditya Birla Group as key reasons behind the upgrade.The telecom operator is looking to secure a ₹25,000 crore long-term loan through an SBI-led consortium of banks, along with a ₹10,000 crore non-fund based rolling line of credit facility.
Crisil highlighted Vodafone Idea’s strategic importance for the Aditya Birla Group and pointed to the appointment of Kumar Mangalam Birla as chairman as a sign of stronger management oversight and commitment from the group.
The agency also noted that the group has consistently supported the telecom operator during periods of financial stress through equity infusions and other financing support.
According to Crisil, a potential operational turnaround at Vodafone Idea could improve the company’s cash flows over the long term. The agency also highlighted the Aditya Birla Group’s recent commitment to subscribe to share warrants worth ₹4,730 crore as further evidence of its backing for the telecom operator.
Vodafone Idea shares settled 0.36% higher on Tuesday at ₹14.09. The stock has climbed over 45% in the last one month.
