Vodafone Idea: Axis Capital Recommends 'Reduce' Despite AGR Relief, Target 9.45 Rupees

• Axis Capital maintains a "Reduce" recommendation on Vodafone Idea stock with a target price of 9.45 rupees, despite the recent AGR relief package.
• The brokerage acknowledges AGR relief offers Vodafone Idea some "breathing room" and eases short-term liquidity for capital expenditure.
• However, Axis Capital notes the AGR relief was "less than expected" and Vodafone Idea's balance sheet remains "bloated" with persistent debt pressure.
• Vodafone Idea significantly lags rivals like Bharti Airtel and Jio in network expansion and technology upgrades, requiring substantial future investments.
• Investors are advised caution as AGR relief is not a "game-changer"; significant upside is risky without concrete balance sheet improvement and accelerated capex.

Why It Matters: Despite AGR relief, Axis Capital advises selling Vodafone Idea shares due to persistent debt and capex lags.