Shares of Indus Towers were under pressure on Wednesday even as BNP Paribas assigned an outperform call to the stock with a price target of Rs 475. The fresh price target amounts to an upside of 22% to the previous close.
Indus Towers shares slipped 3.96% to Rs 385.10 against the previous close of Rs 401 on BSE. Market cap of the firm fell to Rs 1.02 lakh crore.
"We see upside revenue potential for Indus Towers, after Vodafone India’s (its second-largest tenant) recent USD 3.6 b network equipment deal, as the company aims to expand its 4G network and roll out the 5G network. VI’s is also clearing its vendor dues on an ongoing basis, which is a positive for Indus Towers. VI also plans to pursue the adjusted gross revenue (AGR) matter with the government for a remedy," said BNP Paribas Equities.
In an update today, the firm said Commercial Papers bearing ISIN: INE121J14242 issued on July 26, 2024 have been paid by the company on September 23, 2024, i.e. the Maturity Date.
Indus Tower is the largest listed telecom tower company in India.