The world's largest brokerage house UBS has given a buy opinion on Vodafone's stock. Along with this, a new target of Rs 12 per share has been given on the stock. We had told earlier that there will be no relief on AGR. The fair value of Voda Idea's stock can be between Rs 12.
With the Supreme Court rejecting the petition, the possibility of the government giving a complete exemption has now diminished.

Goldman Sachs has released a report on the telecom sector.  Sell Vodafone Idea, the share target is Rs 2.5.

Recommend selling Indus Towers, the share target is Rs 350. Buy Reliance Industries, the share target is Rs 3430. Buy Bharti Airtel, the share target is Rs 3430.

SC rejects curative petition on AGR - no reduction in AGR liability is being made. The Supreme Court's move on AGR has increased the possibility of a bigger and more consistent increase in tariffs for Vodafone Idea. Vodafone Idea may see a tariff hike to bridge the FCF gap. The Supreme Court's move may lead to a bigger and more consistent or market share increase in favor of Bharti and Jio. It remains to be seen whether the government gives any relief or not. In the absence of government relief, FCF for Voda Idea is expected to remain negative at least till FY31. CLSA on Telecom - For Voda Idea, the AGR decision may have a negative impact of Rs 7 per share on the company's stock. At the same time, the impact of this decision on Bharti Airtel can be Rs 62 per share. Now we are waiting for the next step of the industry. In the absence of AGR relief, Voda Idea may face financial crisis in the second half of FY 26/27. In the second half of FY 26/27 when the government has to pay annual spectrum and AGR payments of $ 4-5 billion per year. What did Macquarie say? Bharti Hexacom is the top pick. Bharti Airtel has a buy opinion. Indus Towers and Vodafone Idea have underperform ratings. After the Supreme Court rejected the curative petition on AGR, Voda Idea FCF has become a challenge. Without AGR relief, it will take at least 25-30 years for Voda Idea to repay the dues . There is a need to increase the repayment time to repay the dues. In such a situation, the company may face a fall in market share and many other tensions.