The brokerage also increased the target price for other key players in the sector with Bharti Airtels target at Rs 1,430 and Reliance Industries target price at Rs 3,340, foreseeing an upside of 13.5% and 17.4%, respectively.
Indus Tower expects the ongoing network expansion and 5G roll-outs, supplemented by the encouraging developments around a major customer s fund raise to provide a fillip to company s growth.
Earlier reports had said that Airtel was in conversation with Vodafone group to potentially acquire a controlling stake in Indus Towers. Airtel has now, in a letter to the exchanges, clarified that such is not the case.
Jio Financial Services, Wipro, Hindustan Zinc, HDFC Asset Management Company and more will announce their results for the March 2024 quarter later today.