India's Indus Towers extends gains ahead of Vodafone Idea's fundraise meet

Indus Towers

26/02/2024 06:33

** Shares of Indus Towers  INUS.NS  rise about 3% to 247.70
rupees, extending gains to third straight session 
    ** Since Vodafone Idea  VODA.NS , India's third-largest
telecom operator, announced plans to consider fund raise on Feb.
22, INUS is up 13% in three sessions 
    ** VODA's board will meet on Feb. 27 to evaluate options to
raise fund through equity route
    ** INUS operates telecom towers and counts VODA as one of
its clients
    ** VODA's fund raise is directionally positive for Indus
Towers, says BofA Securities and reiterates "buy"
    ** If VODA clears a large part of its previous dues, INUS
will distribute a large part of it to shareholders in form of a
special dividend - BofA
    ** Mean rating of 18 analysts tracking INUS is equivalent to
"hold"; median price target is 220 rupees, 11% lower than the
current share price - LSEG data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))