Indus Towers soars to 52-week high after CLSA upgrades it amid Vodafone Idea FPO backdrop

Indus Towers Share Price: Indus Towers rose to the 52-week high of Rs 366.50 on BSE on Tuesday (April 23, 2024) after brokerage CLSA upgraded the company to 'buy' and raised its share target price. The development came after Vodafone Idea's follow-on public offer (FPO) closed on Monday, April 22. CLSA wrote that Indus Towers should be the key beneficiary of Vodafone Idea's Rs 18,000 crore FPO. 

The stock of the company started the trading session on Tuesday at Rs 362.95 and rose to the 52-week high of Rs 366.50, a 4.83 per cent jump from the previous close of Rs 349.60.

The Indus Towers stock closed trading up by 2.87 per cent, or Rs 10.05, at Rs 359.65 on Tuesday.

After the Vodafone Idea's FPO closed, CLSA upgraded Indus Towers to 'buy' from 'outperform', raising its share target price to Rs 450 from Rs 335.

What does Indus Towers do?

Indus Towers is India’s leading provider passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators, the company writes on its website.

The company claims to have a portfolio of over 211,775 telecom towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles.

Indus Towers caters to all wireless telecommunication service providers in India.