India's Indus Towers up after CLSA upgrades to 'buy'

Indus Towers

23/04/2024 07:37

** Shares of telecom infra developer Indus Towers  INUS.NS 
up as much as 4.2% at 364.50 rupees
    ** CLSA upgrades stock to "buy" from "outperform"
    ** Says INUS should be key beneficiary of Vodafone Idea's
 VODA.NS  200 bln rupee ($12 million) equity fund raise with
plans to add 48,000 4G and 5G sites by fiscal 2026
    ** Brokerage raises TP by 34.3% to 450 rupees, representing
28.6% upside to stock's Monday close 
    ** VODA jumps 9.7% to 14.15 rupees, top gainer on Nifty
mid-cap 100 index  .NIFMDCP100 , after strong investor response
for its FPO with 6.36x subscriptions 
    ** Analysts, on avg, rate INUS 'hold,' median PT is 245
rupees - LSEG data
    ** Avg rating on VODA is "sell", median PT 5.75 rupees -
LSEG
    ** INUS up 80.7% YTD, VODA down ~12% vs Nifty mid-cap 100
index's 7.1% rise 
    


($1 = 83.3775 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))