Vodafone Idea (Vi) shares surged 10% to Rs 10.23 on the BSE in afternoon trade on Tuesday, due to strong volume. The increase follows reports that Amazon and a group of investors are in negotiations with the Aditya Birla Group to invest up to Rs 20,000 crore in the wireless telephone provider.

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Vi was trading 6.24% higher at Rs 9.88 at 11:45 a.m vs a 0.30% decrease in the S&P BSE Sensex. The stock has gained 19% in the last three days. According to data, over 290 million equity shares changed hands on the NSE and BSE.

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According to Business Standard, the profits of the sale would be used to bid in the 5G spectrum auction as well as capital investment for service roll-out by the end of the year. Aside from Amazon, the company is in discussions with private equity investors interested in investing in the Indian telecom market.

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In the previous month, Vi outpaced the market by gaining 8%, compared to a 2% fall in the S&P BSE Sensex. Furthermore, the stock rose 18% in a year, compared to a 7% growth in the benchmark index.

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Vi’s losses shrank by 6.5% year on year (YoY) to Rs 6,563 crore in the January-March quarter (Q4FY22), owing to revenue growth, while earnings before interest, depreciation, taxation and amortisation (EBITDA) increased by 5.4% to Rs 4,649 crore.

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The management is optimistic about the company’s ability to expand data use per 4G client.  Data use is now at 13.9 GB/month compared to 12.9 GB/month a year ago. Total data volumes increased by 7.9% year on year in Q4FY22.