Through a separate deal, the Canada Pension Plan Investment Board (CPPIB) sold 57,669,394 shares, representing a 2% stake in the telecom tower infrastructure services provider at Rs 212.15 apiece, aggregating Rs 1,223 crore.
The telecom stock rose from Rs 185 on 26th December 2023 to Rs 225 on 25 January 2024, which translates into an upside of over 21% in a month. The momentum pushed the stock to a fresh 52-week high of Rs 236 on 24th January 2024. It rose over 4% in a week and nearly 30% in the last three months.
Indus, though, flagged continued recovery challenges from another key customer (read: Vodafone Idea), saying the latter’s funding plan had still not materialised and it had not made the committed payments pertaining to the outstanding amount due as at December 31, 2022.
Indus Tower has consistently been maintaining a bearish trend since 2021. The stock can be seen trading with a series of lower bottom formations on the weekly chart.
Indus has flagged continued recovery challenges from another key customer (read: Vodafone Idea), saying the latters funding plan had still not materialised and it had not made the committed payments pertaining to the outstanding amount due as at December 31, 2022. The telecom tower companys net profit grew 19% sequentially, from Rs 1,295 crore in the fiscal second quarter to September 2023.