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“I think the economy will be able to absorb some of this increase in real rates that is happening given that growth has improved. If we take into account inflation, in our view, this trend is not really going to lead to an overtly tightening stance from the Reserve Bank.”

According to domestic brokerage ICICI Securities, the impact of interest rates can, however, lead to over-reaction in both ways unlike the precise effect of gravity.

“Post Covid, because of the structural and cyclical factors, we have started a new bull market and in my opinion, whatever happened in the last 9 to 12 months is more of a cyclical or a corrective phase rather than bear markets starting. It was only a matter of time before we resumed the uptrend again and we have pretty much started on that uptrend.”

Revenues from operations surged 327.50 per cent year-on-year (YoY) to Rs 12,855.30 crore compared with Rs 3,006.90 crore in the year-ago quarter. Total income of Rs 13,018.80 crore for the quarter was the highest ever, the company said.

A total of 42,166 shares changed hands on the counter till 02:00PM (IST).

Vodafone Idea spent Rs 18,800 crore in the recent spectrum auction to acquire 5G spectrum in its priority circles. But the current cash Ebitda run-rate of Rs 8,400 crore would be insufficient to meaningfully increase capex and meet large upcoming debt repayments, said Nomura India, which felt that delays in external fundraise would mean Vi’s 5G rollouts would remain constrained in the near term.

In a statement, the company said at the board meeting held on August 3, the Chairman of the Board, T T Srinivasaraghavan has relinquished his office and Harsha Viji succeeded him. Ananth Ramanujam was inducted as an additional director of the Board.

The stock quoted a 52-week high of Rs 243.0 and a 52-week low of Rs 190.3.

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On the technical charts, the 200-day moving average of the stock stood at Rs 369.16.