GAGA Share Market News

[hfe_template id='11223'] [ad_1] Shares of Indus Towers are likely to be in focus on Wednesday after the Competition Commission of India (CCI) approved Bharti Airtel's plan to increase its stake in Indus Towers, following the telecom infrastructure company's share buyback. "The Commission approves an increase in the percentage shareholding of Bharti Airtel Ltd (Bharti Airtel) in Indus Towers Ltd (Indus Towers) to 50.005% pursuant to buyback of shares by Indus Towers," CCI said in a release. The buyback, which began on August 14, involves purchasing over 5.67 crore shares at Rs 465 each, representing approximately 2.107% of the total equity shares. Currently, Bharti Airtel holds a 50% stake in Indus Towers, according to exchange data. The telecom infrastructure company reported a 71.7% year-on-year rise in consolidated net profit to Rs 2,224 crore for the September 2024 quarter. Notably, Q2 FY25 included a write-back of Rs 1,077 crore in provisions for d...

[hfe_template id='11223'] [ad_1] Shares of Indus Towers rallied 6.2% to a day’s high of Rs 412.45 on the BSE after global brokerage firm Citi suggested buying the stock on any dips, with a target price of Rs 500 and a maintained buy rating. Citi stated that the amount of past dues that VI repays to Indus in Q2 FY25 should ideally rise quarter-on-quarter, given the tariff hikes. The firm also recommends using any weakness in the share price as an enhanced buying opportunity, citing an attractive dividend yield of 6-7%. Last week, global brokerage firm BofA set a target price of Rs 450 for the stock. In its comments on the AGR decision, the firm noted that there is no direct impact on Indus, but a derivative effect may occur, with no expected impact on tenancy growth. However, a multiple de-rating is likely. There is only a low possibility of a lump-sum payment or any special dividend at this time. On September 19, the stock fell by 14% during the intraday session followin...

[hfe_template id='11223'] [ad_1] Shares of Indus Towers jumped 5.3% on the BSE today to a fresh 52-week high of Rs 447.30 after the company announced that it will consider a share buyback in its upcoming board meeting. “The Board of Directors will also consider, inter alia, the following agenda at its meeting: To consider and approve the proposal for buyback of fully paid-up equity shares of Rs. 10/- each of the Company, including matters related/ incidental thereto, (‘Buyback’). In accordance with the applicable provisions under the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws (if any),” said the company in its filing to the exchanges. The board meeting will be held on Thursday, July 30, 2024. The company's board of directors will also approve the unaudited financial results for the quarter ended June 30, 2024. If the board approves the buyback of shares, it will be ...