Emkay Global Recommends 'SELL' on Vodafone Idea; Target Price Rs 6

• Emkay Global Financial maintains a 'SELL' rating on Vodafone Idea (VI) with a target price of Rs 6.
• Union Cabinet granted VI a 5-year interest-free moratorium on Rs 877 billion pre-FY18 AGR dues, payable FY32-41.
• No waiver was provided on pending AGR dues, contrary to market expectations.
• DoT will form a committee to reassess AGR dues, potentially reducing VI's liability further.
• VI faces significant Rs 1.2 trillion spectrum payment obligations, and current EBITDA is insufficient for debt or capex.

Why It Matters: Emkay Global advises selling Vodafone Idea shares at Rs 6 target due to financial challenges despite AGR relief.