Vodafone Idea lit up the market on Monday, with its shares spiking 10% to hit the upper circuit at ₹10.03. The surge comes amid reports that the government may be softening its stance on adjusted gross revenue (AGR) dues—a lifeline for struggling telcos like Vodafone Idea. At 9:35 AM, the stock was locked at its day’s limit, a significant leap from its previous close of ₹9.12. According to sources, the government is mulling over a proposal to waive 50% of interest and all penalties tied to AGR dues—an issue that has loomed over telecom companies since the Supreme Court’s 2019 verdict. With penalties and interest often making up the bulk of these dues, this move could dramatically ease the financial strain. The numbers back the optimism. TRAI data shows that telecom operators’ gross revenue climbed 10.5% year-on-year in Q2 FY25, with adjusted gross revenue up 13.1%. Vodafone Idea’s own AGR grew 4.39% to ₹7,836.98 crore in the same period. This rally also follows a five-session winning streak for the stock, now up almost 30% since January 14. Adding fuel to the fire, recent preferential issues have bolstered Vodafone Idea’s equity base. Omega Telecom Holdings upped its stake with an additional 1.08 billion shares, while Usha Martin Telematics snagged 608 million shares in similar fashion. After a rollercoaster year—hitting a 52-week high of ₹19.15 in June and a low of ₹6.60 in November—the stock’s latest rally hints at renewed investor confidence. If the AGR waiver materializes, Vodafone Idea might just find the breathing room it desperately needs.