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

Indus Towers

28/02/2024 04:43

** Shares of Indus Towers  INUS.NS  are up ~3% at 247.50
rupees 
    ** Telecom tower operator up after client Vodafone Idea
 VODA.NS  approves raising up to 200 billion rupees ($2.4
billion)
    ** Debt-saddled VODA has unpaid dues to INUS  
    ** VODA's fund raise is directionally positive for Indus
Towers, BofA Securities said last week
    ** INUS is up ~10% since VODA announced fund raise plan on
Feb. 22
    ** VODA shares down ~3% on the day 
    ** Avg rating of 18 ananlyst covering INUS is "hold;" their
median PT is 220 rupees, ~11% below the current trading price 
    ** Stock up ~25% YTD after rising ~4.5% in 2023


($1 = 82.9070 Indian rupees)

 (Reporitng by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))