Is the AGR overhang over? Here’s why Citi has turned bullish on Vodafone Idea with a buy call

Vodafone Idea may finally be moving past one of the biggest overhangs in its long-running turnaround story, with Citi saying the closure of the adjusted gross revenue (AGR) chapter has materially improved the telecom operator’s chances of raising debt and completing its network expansion.

In a fresh note, Citi has Vodafone Idea to “Buy-High Risk” and set a target price of ₹14, implying an upside of over 37%. The brokerage said the long-pending AGR uncertainty, which had weighed on lender confidence and delayed capital raising, has now largely been resolved.