Vodafone Idea‘s share price was upbeat on Tuesday morning after a global brokerage firm upgraded the stock’s rating.

What Happened: Nomura upgraded its rating on the stock to ‘neutral' as the troubled telco’s March quarter results were in line with expectations. The global brokerage firm also increased its target price for Vodafone Idea by 131%, raising it from ₹6.50 to ₹15.

The brokerage said that Q4 results indicated that the rate of subscriber loss is slowing down, and the average revenue per user (ARPU) has seen a modest increase.

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Motilal Oswal also maintained its “neutral” rating for the stock with a price target of ₹15. The brokerage said that the telecom major has seen a consistent rise in ARPU, led by the shift to 4G, higher data monetization, and an increase in minimum recharge vouchers.

The telecom operator reported a net loss of ₹7,674 crore for the quarter ended March widening from ₹6,418.9 crore in the year-ago period. Revenue from operations increased marginally to ₹10,606 crore from ₹10,531 crore in the same quarter last fiscal. The company’s average revenue per user (ARPU) grew slightly to ₹146 from ₹145 in the previous quarter (Q3FY24) and ₹135 in the same quarter last fiscal, primarily due to changes in the entry-level plan and subscriber upgrades.

Price Action: Vodafone Idea’s share price was up 3.01% to trade at ₹13.70 on Tuesday.

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