Vodafone Idea shares in Thursday's session gained over 3 per cent to the day's high price of Rs 7.62 apiece after the company's Q2 results came after market hours on Wednesday. For the September quarter, the company's net loss came in higher than the previous quarter's net loss and even Zee Business reesearch estimates at Rs 7,175.9 crore.

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On the NSE, the stock jumped too Rs 7.62 apiece post the results as at the last count.

After the company's weaker-than-expected earning, the brokerage JP Morgan has given a 'neutral' call on the stock with a target of Rs 10 per share. The target implies an upside of 36 per cent from the last closing price of Rs 7.37 per share.

As per the brokerage, the company missed on revenue and EBITDA during the September quarter, nonetheless it anticipates an increase in capex in H2.

Further, it added that stock reaction  will depend on management's commentary on the update on debt funding.

The company on the sidelines of its Q2 earnings said its debt from banks and financial institutions reduced by Rs 4,580 crore to Rs 3,250 crore in the last one year.

Its payment obligations owed to the government stood at Rs 2,12,260 crore, as of September 30. That included deferred spectrum payment obligations to the tune of Rs 1,41,940 crore and adjusted gross revenue-related liabilities of Rs 70,320 crore.