India's Indus Towers up after client Vodafone Idea's fundraise plan

Indus Towers

23/02/2024 06:20

** Shares of Indus Towers Ltd  INUS.NS  up 4.7% at 235.8
rupees
    ** Stock rose as much as 5.7% earlier in session to highest
level since Feb. 24, 2022, when Vodafone  VOD.L  launched its
stake sale in INUS
    ** INUS up after VOD's India arm Vodafone Idea  VODA.NS 
says it will consider fund raise on Feb. 27
    ** VODA shares also up 9.2%
    ** Indus operates telecom towers and counts Airtel  BRTI.NS 
and VODA as its clients
     ** Debt-saddled VODA has unpaid dues to INUS
    ** Over 31.8 mln shares traded, 1.5x 30-day avg volume
    ** Eighteen analysts tracking INUS rate it "hold" on avg;
median PT is 220 rupees, up 23% in last two months - LSEG data
    ** Stock up 7.4% this week, it's second-best this year


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))