VOD.L - Vodafone Group Plc

LSE - LSE Delayed price. Currency in GBp
157.87
-1.71 (-1.07%)
As of 10:22AM GMT. Market open.
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Previous close159.58
Open160.68
Bid157.80 x 0
Ask157.86 x 0
Day's range156.35 - 160.68
52-week range122.22 - 171.78
Volume18,995,037
Avg. volume74,313,377
Market cap42.208B
Beta (3Y monthly)0.59
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yield0.08 (4.86%)
Ex-dividend date2019-11-28
1y target estN/A
  • Reuters - UK Focus

    UPDATE 1-European shares set for sixth week of gains on bullish trade talk

    European shares were moving closer to a sixth-straight week of gains on Friday following a record close on Wall Street after bullish comments from a White House official on U.S.-China trade talks boosted appetite for riskier assets. The pan-European STOXX 600 index rose 0.4% by 0932 GMT, inching back to a four-year high. White House economic adviser Larry Kudlow said late on Thursday Washington and Beijing were getting close to a trade agreement, citing what he called very constructive talks with Beijing about ending a 16-month trade war.

  • Vodafone India Unit Pleads for Relief After $7 Billion Loss
    Bloomberg

    Vodafone India Unit Pleads for Relief After $7 Billion Loss

    (Bloomberg) -- After posting the worst quarterly loss in India’s corporate history, Vodafone Group Plc’s besieged local venture is appealing for urgent relief from the government to help avert a collapse.Vodafone Idea Ltd. took a one-time charge related to a $4 billion demand from the government for overdue fees, leading to a net loss of 509 billion rupees ($7.1 billion) in the three months through September, the company reported Thursday after the market closed.Formed by the merger of the U.K.-based firm’s local unit with billionaire Kumar Mangalam Birla’s Idea Cellular Ltd., hasn’t reported a profit since the deal was announced in 2017.“The company’s ability to continue as going concern is dependent on obtaining the reliefs from the government,” Vodafone Idea said in a statement late Thursday. It is “in active discussions with the government seeking financial relief,” it said.India to Consider Relief Measures for Its Ailing Telecom SectorSaddled with $14 billion of net debt, Vodafone Idea is fighting for survival after India’s top court last month ordered it to pay fees the government said were due from prior years. Vodafone Chief Executive Officer Nick Read told reporters this week in London that the situation was “critical” and unless India eases off on its demands, the venture may be headed for liquidation.Rival Bharti Airtel Ltd. also posted a record net loss on Thursday after market hours, highlighting the financial stress of Indian operators stuck with high levels of debt while facing a price war unleashed by billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. and more recently, the adverse court verdict on fees.Bharti Airtel and Vodafone Idea shares gained Friday in Mumbai trading on optimism the government may provide help for the companies and as operating results showed some strength.A government panel is considering deferring payments due by March 2021 and March 2022, an official said last month. It will also consider cutting spectrum fees and other charges, said another official, who asked not to be identified, citing disclosure rules.Bharti Airtel’s shares rose as much as 9.1% Friday, while its 5.65% perpetual notes also advanced. The company’s “mobile performance was robust,” and grew from the preceding quarter, Saurabh Handa, an analyst with Citigroup Inc. in Mumbai wrote in a report. Vodafone Idea climbed as much as 10%, after dropping as much as 19% earlier in the day.In its Oct. 24 verdict, the Supreme Court of India ruled in favor of the government’s method of calculating operators’ revenue, a decision that means carriers must pay about $13 billion combined -- mostly license and spectrum fees built up over years. Bharti Airtel owes $3 billion, while Reliance Jio needs to pay 130 million rupees, the least, since it has only been in business since 2016.The finance ministry won’t back down from collecting the amount, which needs to be paid within three months as per the court order, an official with knowledge of the matter said this month.The demands comes as Vodafone Idea and Bharti Airtel faces intense competitive pressure from Jio, which swept into the No. 1 spot by users earlier this year. The upstart controlled by Asia’s richest man barreled into India’s wireless market three years ago with free calls and cheap data, acquiring about 380 million users.Jio’s entry drove some incumbents to bankruptcy, while others like Vodafone and Idea merged. But the pressure on earnings continued.Bharti Airtel, whose parent counts Singapore Telecommunications Ltd. as an investor, had a net loss of 230.4 billion rupees for three months ended September, it reported Thursday. Billionaire Sunil Mittal is also one of Bharti Airtel’s biggest investors.Losses at Bharti Airtel forced SingTel to also make such a hefty provision that it slipped into a quarterly loss for the first time.Vodafone Idea said Thursday it took a one-time charge of 256.8 billion rupees.‘Fragile State’Bharti Airtel continues to engage with the government, Gopal Vittal, the company’s chief executive officer for India and South Asia operations, said in a statement.“We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry,” said Vittal.To ease the pressure on its Indian venture’s finances, Newbury, U.K.-based Vodafone, which owns about 45%, has said it wants a two-year delay on spectrum payments and lower license fees and taxes. It’s also called for the bandwidth fees demanded by the court to be spread over 10 years.“If you don’t get the remedies being suggested, the situation is critical,” Vodafone CEO Read said on Nov. 12. “If you’re not a going concern, you’re moving into a liquidation scenario -- can’t get any clearer than that.”Opt For InsolvencyEarlier, Read said Vodafone would refrain from plowing more money into India. The other venture’s other partner, Birla, won’t inject fresh equity and will opt for insolvency if the government doesn’t provide relief, the Economic Times reported Thursday, citing people it didn’t identify.For its part, Reliance Jio has insisted its two smaller rivals can and should pay up on time.India had a dozen independent carriers two years ago, and just three non-state operators are left standing today. The only clear winner has been Jio, which is backed by the deep pockets of Ambani’s sprawling energy-to-petrochemicals empire.(Updates with gain in shares in third paragraph)To contact the reporter on this story: P R Sanjai in Mumbai at psanjai@bloomberg.netTo contact the editors responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net, ;Arijit Ghosh at aghosh@bloomberg.net, Dave McCombs, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Telecom Italia aims to sell stake in Vodafone Italian tower tie-up - CEO
    Reuters

    Telecom Italia aims to sell stake in Vodafone Italian tower tie-up - CEO

    Telecom Italia (TIM) plans to sell a stake in the mobile mast business it is creating in Italy with rival Vodafone to infrastructure funds, the Italian group's chief executive said on Thursday. The two companies agreed in July to merge their Italian mobile assets under the INWIT business that is currently 60%-owned by TIM. The deal is awaiting European Union antitrust approval and is expected to wrap up in the first half of 2020, INWIT's chief executive said last week.

  • Telecom Italia aims to sell stake in Vodafone Italian tower tie-up: CEO
    Reuters

    Telecom Italia aims to sell stake in Vodafone Italian tower tie-up: CEO

    Telecom Italia (TIM) plans to sell a stake in the mobile mast business it is creating in Italy with rival Vodafone to infrastructure funds, the Italian group's chief executive said on Thursday. The two companies agreed in July to merge their Italian mobile assets under the INWIT business that is currently 60%-owned by TIM. The deal is awaiting European Union antitrust approval and is expected to wrap up in the first half of 2020, INWIT's chief executive said last week.

  • Reuters - UK Focus

    UPDATE 1-Vodafone Idea makes $7 bln loss after provisions for govt dues

    Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, reported a consolidated net loss of 509 billion rupees ($7.13 billion) in the second quarter to September. The company took a charge of 256.78 billion rupees for the quarter after India's Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.

  • Do I still think the Vodafone share price could double your money?
    Fool.co.uk

    Do I still think the Vodafone share price could double your money?

    G A Chester has been bullish on Vodafone and a small-cap tech firm, but after strong gains would he now buy, sell, or hold these stocks?

  • Vodafone Idea makes $7 billion loss after provisions for government dues
    Reuters

    Vodafone Idea makes $7 billion loss after provisions for government dues

    Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, reported a consolidated net loss of 509 billion rupees ($7.13 billion) in the second quarter to September. The company took a charge of 256.78 billion rupees for the quarter after India's Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.

  • Reuters - UK Focus

    India's Vodafone Idea loss widens to $7 bln on outstanding govt dues

    India's Vodafone Idea Ltd said on Thursday its consolidated net loss in the second quarter widened to 509.22 billion rupees ($7.14 billion), as the company made provisions for potential outstanding payments to the federal government. The company took a charge of 256.78 billion rupees for the quarter to the end of September after India's Supreme Court upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest. Analysts on average expected the company to report a consolidated net loss of 44.22 billion rupees for the quarter, according to Refinitiv data, although those figures did not include the charge.

  • Should we be worried about Vodafone's Quality Rank (LON:VOD)?
    Stockopedia

    Should we be worried about Vodafone's Quality Rank (LON:VOD)?

    Good quality companies can offer a lot of comfort to investors. They tend to be strong, stable, profitable firms that deliver predictable returns, have pricing8230;

  • Telefonica COO supports consolidation in Spanish telecom crowd
    Reuters

    Telefonica COO supports consolidation in Spanish telecom crowd

    A top official at Telefonica said on Wednesday he would support consolidation in Spain's fiercely competitive telecommunications market, where takeover speculation has been rife. The telecoms market in the euro zone's fourth-largest economy has become ever-more crowded, squeezing profits and prompting British peer Vodafone to propose cutting up to one fifth of its workforce there. "We would be supportive of consolidation of the Spanish market if that scenario were to take place," Chief Operating Officer Angel Vila told the Morgan Stanley European Technology, Media and Telecoms conference in Barcelona.

  • Reuters - UK Focus

    Deutsche Telekom, on lookout for towers partners, heaps praise on Cellnex

    Deutsche Telekom is keen to float or find a partner for its mobile towers assets, Chief Executive Tim Hoettges said on Wednesday, lavishing praise on Spain's Cellnex for its role in developing the telecoms infrastructure business. Europe's largest telecoms group carved out its Deutsche Funkturm towers unit years ago but, unlike its rival Vodafone which plans to float its own towers unit, has yet to take concrete steps to find a buyer or partner.

  • India Imperils Foreign Investment With Telecom Cash Grab
    Bloomberg

    India Imperils Foreign Investment With Telecom Cash Grab

    (Bloomberg Opinion) -- For Kumar Mangalam Birla’s textile-to-telecom empire, adversity is a 100-year-old companion. In 1919, when the Indian businessman’s great-grandfather wanted to start a jute mill, the dominant British firm, Andrew Yule & Co., bought all the surrounding Calcutta land. The Imperial Bank, the forerunner of today’s State Bank of India, initially refused Birla a loan.(1)The government of post-independence India stymied the Birla conglomerate with kindness. Soviet-style planning and state socialism protected the family’s legacy licensed firms by keeping competition out. But they inhibited growth. Birla’s father, Aditya Vikram, went to Thailand, Indonesia and the Philippines because he wasn’t allowed to expand at home. “I for one fail to see where the concentration of economic power is: with the big business houses or with the government?” he wondered in 1979. Fast forward 40 years, and the 52-year-old current chairman of the group would be justified to reprise his late father’s frustration. The liberalizing spirit of the 1990s Indian economy has lost much of its force. After dismantling the license raj, a system of strict government-controlled production, and encouraging capitalism, New Delhi is gripped once more by a feverish statism that’s making Birla’s shareholders nervous. The slide began before Prime Minister Narendra Modi came to power in 2014, and was one of the reasons why businesses backed his call for “minimum government, maximum governance.” But five years later, relations between private enterprise and the government have turned even testier.Take telecommunications, the main source of investors’ anxiety. Ever since India opened up the state-run sector in the 1990s, the Aditya Birla Group has been an anchor investor. Partners and rivals like AT&T Inc., India’s Tata Group, and Li Ka-shing’s CK Hutchison Holdings Ltd. came and went, but Birla remained. Currently, the group owns 26% of the country’s largest mobile operator by subscribers, Vodafone Idea Ltd., with the British partner controlling 45%. An Indian court last month directed this bruised survivor of a nasty price war to pay 280 billion rupees ($4 billion) in past government fees, interest and penalties. Overall, India wants to gouge its shriveled telecom industry of $13 billion. The fund-starved government expects operators to cough up more at 5G auctions next year. How long can the Birla boss hang in? With Vodafone Idea saddled with losses and $14 billion in net debt, should he even bother?It’s doubtful whether partner Vodafone Group Plc will linger. This isn’t the first time it has been clobbered by unreasonable government demands. In 2012, India retrospectively changed its tax law to pursue a $2.2 billion withholding tax notice against the U.K. firm. Seven years later, that dispute is far from resolved, and the unit has now been slapped with a new bill.In its half-yearly earnings reported Tuesday in London, Vodafone fully wrote down the book value of its India operations, and warned that the unit could be headed for liquidation. Vodafone’s 42% stake in a separate cellular tower company in the country, once sold, will get used largely to pay off the loan it took to pump capital into the main telecom venture. After that, the U.K. firm will have a little over $1 billion left to support Vodafone Idea, according to India Ratings & Research, a unit of Fitch Ratings. However, the India business would be required to find $5.5 billion just for interest- and spectrum-related payments until March 2022.Will Birla step into the breach?Out of the Indian group’s 26% in Vodafone Idea, about 11.6% is held by Grasim Industries Ltd., and another 2.6% is owned by Hindalco Industries Ltd. Hindalco, among the world’s largest aluminum makers, is battling weak metals demand and a complicated takeover of the U.S.-based Aleris Corp. The bulk of the burden of a telecom rescue — should there be one — would fall on Grasim. It acts as a holding company for Birla’s cement and financial services businesses, apart from directly owning factories that churn out wood-based fiber and chemicals like caustic soda used in soap and detergent.Mumbai-based Emkay Global Financial Services says that in the worst-case scenario, where the government doesn’t back down and Birla refuses to fold his telecom cards, a rescue mounted by by Grasim could cost it 187 rupees per share. If Birla refrains from throwing good money after bad, the value of everything else Grasim owns net of debt is 1,126 rupees a share, or 47% more than the current stock market price. Clearly, the overhang of the Vodafone uncertainty is playing on investor psyche. Once the U.S.-China trade war stops making global textile markets jittery, fiber prices will firm. Grasim, in investors’ view, is better off spending $2 billion on new capacities in fiber, chemicals and cement than wasting any more money trying to salvage the telecom venture.The Indian government should see the folly of effectively turning the telecom industry into a two-horse race between Reliance Jio Infocomm Ltd., controlled by Mukesh Ambani, the richest Indian, and Bharti Airtel Ltd., which, too, is staggering under a mountain of debt. As IIFL Securities put it, bankruptcy of Vodafone Idea would hurt all stakeholders. Vodafone and Birla would lose control, the government would forgo $1.7 billion in annual spectrum revenue and banks would take losses on their $4 billion-plus exposure.Such an outcome would cast a serious doubt on the ability of private entrepreneurs to flourish, especially if they — like Birla or Amazon.com Inc. boss Jeff Bezos — happen to find themselves in competition with Ambani in a tightly regulated industry. Future investors will think twice. The rift between the government and business wasn’t Modi’s creation, but to allow the mistrust to turn into a chasm would be one of his administration’s gravest mistakes.(1) See, “Aditya Vikram Birla: A Biography” by Minhaz Merchant, Penguin India, 1997To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Time to buy the Vodafone share price as revenue growth returns?
    Fool.co.uk

    Time to buy the Vodafone share price as revenue growth returns?

    Vodafone (LON: VOD) is hit by court judgment in India, but 5G expansion continues and Q2 revenue is up.

  • France's Bad Boy of Telecoms Joins the Geriatric Set
    Bloomberg

    France's Bad Boy of Telecoms Joins the Geriatric Set

    (Bloomberg Opinion) -- Xavier Niel is supposed to be the bad boy of French telecoms. He never finished college, once ran an online sex-chat service, and shook up incumbents like Orange SA with cheap pricing when he launched Free Mobile in 2012.That makes one element of his push to extend control over Free’s parent Iliad SA particularly surprising: the implicit admission that the Paris-based company is becoming just like any other boring telecom company. It's an overdue acknowledgement of market realities.It all comes down to the dividend. Mobile carriers have appealed to investors over the past decade not for their growth prospects but their generous dividend payouts. European telecommunications firms will have an average dividend yield of 5% this year, according to estimates compiled by Bloomberg. That compares with the 3.3% average of the broader Stoxx 600 Index of European companies.Iliad has differed from the crowd. Its 12-month yield has averaged 0.8% since 2009. That’s because it promised growth — the stock climbed almost three-fold between 2009 and 2017. But the past two years have been a different story. Before today, the shares had fallen 63% from their 2017 peak as French rivals reclaimed market share from the low-cost upstart.On Tuesday, Niel announced plans to boost his holding in the firm by as much as 20 percentage points. The complicated structure will see Iliad buy back up to 1.4 billion euros ($1.5 billion) of stock for 120 euros per share, then issue new shares of an equivalent amount that Niel has pledged to buy, in a rights issue to which other shareholders can also subscribe. At the same time, Iliad announced it would increase the dividend by a chunky 189% to 2.60 euros, bringing the yield to more than 2%. That’s still very much at the low end of its peers but a substantial change in policy, particularly at a time when the region’s giants — Vodafone Group Plc and Deutsche Telekom AG — are cutting their dividends as they anticipate increased spending on 5G networks.For Niel, it’s a canny way of using the company’s stronger balance sheet to extend his control. Iliad is expecting proceeds of more than 2 billion euros from the sale of infrastructure assets this year. If he increases his stake to above 70% from the current 52%, as the buyback and rights issue might allow, he can expect annual dividend proceeds exceeding 100 million euros. That can help him service the personal debt that he’s likely assuming to fund the rights issue. The move may also strengthen Niel's hand and his financial upside, should the perennial on-again, off-again efforts to consolidate the French market resume.The steps at Iliad don’t particularly disadvantage existing shareholders financially, even if they do seem to be very much in Niel’s interest. They’re under no obligation to sell, and have already benefited from a jump in the share price, which climbed 18% on Tuesday. Nor does the increased payout significantly weaken the firm’s finances: The dividend payout will top 154 million euros. Net debt of 3.7 times Ebitda will fall closer to 2.5 times Ebitda. And it’s far less outrageous than the self-interested efforts of fellow French billionaire Vincent Bollore and his family to extend control over Vivendi SA. The Bollores are simply carrying out a buyback of the media conglomerate’s shares, then canceling them, leaving the family with a bigger stake without increasing their financial risk.But for all of Niel’s assertions that the investment reflects his “confidence in the company’s industrial project,” he will likely need Iliad to continue the more generous dividend payouts to service his greater debt. That will gradually chip away at Iliad’s ability to engage in costly price wars to drive market share. Instead, it’s becoming more like its rivals, generating steadier, more predictable returns, rather than promising stratospheric stock growth.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 2-FTSE rebounds on new hopes of U.S.-China trade resolution

    Renewed hopes of a U.S.-China trade resolution and a more than 3% rise in shares of telecom giant Vodafone helped London stocks bounce back on Tuesday after falls that tracked a downbeat global mood a day earlier. The FTSE 100 added 0.5%, while the mid-cap index , which rallied on Monday after Brexit Party chief Nigel Farage said he would not fight Conservative-held seats in next month's British election, rose 0.1%.

  • Telecoms giant Vodafone smashed by India Supreme Court ruling
    Yahoo Finance UK

    Telecoms giant Vodafone smashed by India Supreme Court ruling

    The ruling centres around the Indian government’s claim that Vodafone owes is billions under its calculation of adjusted gross revenue (AGR).

  • Situation critical: Vodafone's future in India in doubt after court ruling
    Reuters

    Situation critical: Vodafone's future in India in doubt after court ruling

    Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over licence fees resulted in a 1.9 billion euro group loss in its first half. Chief Executive Nick Read said India, where Vodafone formed a joint venture with Idea Cellular in 2018, had been "a very challenging situation for a long time", but Vodafone Idea still had 300 million customers, equating to a 30% share of the sizable market. "Financially there's been a heavy burden through unsupportive regulation, excessive taxes and on top of that we got the negative supreme court decision," he said on Tuesday.

  • Bloomberg

    Vodafone Jumps as Return to Growth Eases Pressure on CEO

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Vodafone Group Plc returned to sales growth in the second quarter as its toughest European market of Spain showed signs of improvement, in a boost for Chief Executive Officer Nick Read. Its shares rose as much as 3.2% Organic service revenue grew 0.7%, above the 0.2% forecast by analysts. It follows two quarters of declines. Vodafone also upgraded its full-year earnings guidance.Key InsightsRead needs some decent sales growth to generate cash for network investments and service debts built up with Vodafone’s purchase of Liberty Global Plc assets.South Africa, Italy and Spain all improved as Vodafone faced tough competition from former phone monopolies and no-frills challengers. The company said it had the best ever quarter for new customers in the U.K.Read said he expects to build upon the revenue growth in the second half of the year in both Europe and Africa.The company toned down its guidance on full-year free cashflow, while boosting its forecast for earnings after the Liberty Global deal.Market ReactionVodafone shares were up 2.5% as of 8:30 a.m. in London. The stock has risen 14% in the past year, outpacing a 5% rise in the Stoxx 600 Telecommunications Index, as investors welcomed Read’s plans to collaborate more with rivals on infrastructure to cut costs.NOTE: Vodafone CEO’s Wild First Year Leaves Stock Where It StartedOn Monday, 17 analysts surveyed by Bloomberg rated the stock a buy, six hold and two sell.Get MoreThe company made a loss in its Indian business after a court ordered it to pay a spectrum fee. It now sees group free cash flow of “around” 5.4 billion euros versus previous guidance of “at least” 5.4 billion. Vodafone sees adjusted earnings before interest, tax, depreciation and amortization of 14.8 billion euros to 15 billion euros, up from its previous guidance of 13.8 billion to 14.2 billion.Company statementNOTE: BT Drops as Liberty Global Switches to Vodafone for Mobile(Updates with share price rise. A previous version of this story was corrected to fix the revenue growth figure.)To contact the reporter on this story: Thomas Seal in London at tseal@bloomberg.netTo contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 3-Situation critical: Vodafone's future in India in doubt after court ruling

    Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over licence fees resulted in a 1.9 billion euro group loss in its first half. Chief Executive Nick Read said India, where Vodafone formed a joint venture with Idea Cellular in 2018, had been "a very challenging situation for a long time", but Vodafone Idea still had 300 million customers, equating to a 30% share of the sizable market.

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