Sell Indus Tower; target of Rs 260: ICICI SecuritiesMoneycontrol • 2 days ago
ICICI Securities is bearish on Indus Tower has recommended sell rating on the stock with a target price of Rs 260 in its research report dated April 20, 2024.
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As per industry estimates, Vodafone Idea's dues to Indus Towers at about Rs 7,000 crore. The brokerage also notes that Vodafone Idea’s past dues settlement of Rs 5,700 Cr "could be worth an incremental Rs 21 per share."
Vodafone Idea stands a chance to rebuild its competitiveness in the telecom sector if it puts the funds raised through India's biggest FPO to good use
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ABB India formed bullish candlestick pattern with above average volumes, continuing uptrend for third consecutive session. The stock traded well above all key moving averages.
As of October 2023, Vodafone Idea owed Indus Towers around Rs 5,600 crore. Vodafone Idea repaid Rs 300 crore in January 2023.
Indus Towers has seen a decisive breakout of downward sloping resistance trendline and saw a gap up opening. The stock formed strong bullish candlestick pattern on the daily charts with healthy volumes.
L&T, Indus Towers, and India Cements closed lower.
Claymore Investments (Mauritius) offloaded almost their entire stake in PB Fintech, while Silverview Portfolio Investments sold their entire stake in Indus Towers.
Motilal Oswal recommended Neutral rating on Indus Towers with a target price of Rs 210 in its research report dated January 24, 2024.