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Telecom stock falls 7% after Vodafone likely to sell 17.98% of its share in the company 

Published 19-06-2024, 01:38 pm
Telecom stock falls 7% after Vodafone likely to sell 17.98% of its share in the company
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The shares of the telecommunications infrastructure provider have fallen up to 7 percent after Vodafone is likely to sell 17.98 percent shares in this deal.

With a market capitalization of Rs 88,744.27 crore, the shares of Indus Tower Ltd were trading in red at Rs 329.30 per share, decreasing drastically by 4.25 percent as compared to the previous closing price of Rs 33.90 apiece.

Today, the company’s shares fell after the Economic Times reported that Vodafone is likely to sell 17.98 percent of its shares in this deal. Previously, the Vodafone Group (LON:VOD) planned to sell 9.94% of its total equity through this block deal, which was later revised higher to 18% on Wednesday morning. The deal was believed to be worth $1.8 billion.

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However, Bharti Airtel (NS:BRTI) Ltd’s board of directors approved increasing its shareholding by the acquisition 27 million equity stake which is equivalent to 1 percent of Indus Towers (NS:INUS) Ltd, currently, Airtel holds 129.22 crore equity shares which is equivalent to 47.95 percent in the company.

Looking forward to Indus Towers Ltd’s financial performance, revenue soared by 6 percent, from Rs 6,753 crore in Q3 FY23 to Rs 7,193 crore in Q3 FY24. During the same period, net profit magnified by 32 percent, from Rs 1,399 crore to Rs 1,853 crore.

The stock has given a return of 68.12 percent in just six months and a multi-bagger return of 105 percent in a year. If an individual invested Rs 1 lakh a year ago, it would now be worth Rs 2.05 lakh.

The company works in all 22 telecom circles and has a portfolio of 1,92,874 telecom towers, making it one of the country’s largest tower infrastructure suppliers. The firm is pioneering the promotion of smart digital infrastructure in India, beginning with grassroots initiatives.

As of December 31, 2023, Indus Towers Limited managed 211,775 towers and 360,679 co-locations across India’s 22 telecom circles.

Indus Towers Limited is an Indian provider of telecom infrastructure. The company builds, owns, and administers telecom towers and communication infrastructure for a variety of mobile providers. It provides tower, power, and space solutions, as well as smart cities, a tower operations center, and green technologies.

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Written by:- Abhishek Singh

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