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Vodafone is currently trading at166.38 -higher by 4.19% as compared to the previous closing.
On Tuesday the world’s second-largest mobile operator, Vodafone Group PLC raised its outlook for fiscal 2020 after its new acquisition of Certain Liberty Global PLC assets in Europe. The company showed improving organic growth in Spain and Italy.
The company reported revenue growth of 0.3% in the first half, the company posted a growth in the second quarter due to improvement in South Africa, Spain and Italy.
The company officials said on Tuesday that lower cash flow from India and the New Zealand sale will lead to slightly lower market expected cash flow but the company’s overall earnings rode by 1.4% in the first half and can grow at higher pace in the second half.
The company has raised its forecast for adjusted core earnings to 14.8 to 15 billion Euros from its previous forecast core earnings to 13.8-14.2 billion Euros
The company officials said that company cut Vodafone’s dividend for the first time in may due to the tough market and uncertain global economic conditions.
On the technical front, the market is expected to trade on the positive side. the RSI indicates the market is expected to move higher. The MACD histogram indicates an increase in bullish momentum. The market is trading above 13 and 26-day EMA which indicates that the market is in strong uptrend.
TRADE SUGGESTION- BUY@ 165, STOPLOSS@ 163, TARGET@ 169