India's Indus Towers jumps on government plan to raise stake in Vodafone Idea

Indus Towers

01/04/2025 06:33

** Telecom tower operator Indus Towers INUS.NS jumps 6.7% to 356.70 rupees; set for biggest intraday pct gain since June 2024

** Brokerages say INUS, owed money by Vodafone Idea VODA.NS, seen benefiting from Indian government's move to convert part of debt-ridden telco's spectrum dues into equity

** VODA says government's stake in co will rise to 48.99% from 22.6% after outstanding spectrum auction dues are converted into equity

** Citi sees INUS climbing to 470 rupees in next three months

** Jefferies says government move will allay concerns of potential delays in payments to INUS

** Stock rated "hold" on avg, per data compiled by LSEG

** INUS gains 4.2% YTD

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))