GAGA Share Market News

[hfe_template id='11223'] [ad_1] Kolkata: Indus Towers said it has released the pledge on shares held by UK’s Vodafone Group Plc to enable the latter to sell an 18% stake in the telecom tower company for Rs 15,300 crore. “…as per the terms of the security package provided by Vodafone promoters to secure the payment obligation of Vodafone Idea under the Master Services Agreements, the Company (read: Indus) released pledge on 17.98% shares held by Vodafone Promoters in the (tower) company on June 18, 2024, for them to execute the sale of such shares,” Indus said in a statement on Wednesday. Indus, though, said it continues to hold a (secondary) pledge over the remaining 3.06% shares held by Vodafone’s promoters in the tower company as per the terms of the extant security agreements. Brokerage JP Morgan has said as per a security package agreed upon during the merger of erstwhile Bharti Infratel and Indus Towers, Vodafone’s earlier 21.05% stake in Indus was the primary pled...

[hfe_template id='11223'] [ad_1] Mumbai: Shares of Vodafone Idea soared as much as 11.6% in trading on Friday after brokerage UBS upgraded its rating on the stock to 'buy' from 'neutral'. The brokerage raised its price target on the stock to ₹18, implying an upside of over 19% from Friday's closing. The stock ended at ₹15.11, up 7.5% over the previous day. UBS said it believes the market is pricing in 15-20% mobile tariff increase over the next 12-24 months. "We believe relief in the form of AGR reduction by the Supreme Court or equity conversion, moratoriums etc by the government is highly likely, especially given the government's stated objective of ensuring three viable private telcos," the brokerage said in a note. UBS said Vodafone will benefit the most if that happens and the risk-reward is attractive before such an announcement. The brokerage maintained its 'neutral' ratings on Bharti Airtel and Indus Towers. Analysts and ...

[hfe_template id='11223'] [ad_1] Mumbai: Global index services provider MSCI has included 13 Indian stocks in its Global Standard Index and removed three. That takes the total count of domestic stocks on the MSCI indices to 146, up from 136. The change is scheduled for May 31 and India could potentially witness an inflow of $2.5 billion from global passive funds, the highest among any emerging market in the current index rejig. Global passive funds, such as exchange-traded funds, structure their portfolios based on these indices. Any change in composition prompts these funds to adjust their allocations. The newly included stocks are JSW Energy, Canara Bank, Indus Towers, PB Fintech, Sundaram Finance, and NHPC. Berger Paints has been dropped, while Indraprastha Gas and Paytm's parent, One 97 Communications, have been downgraded to the small-cap index. "India has once again achieved a major milestone in this rejig, as its representation in the MSCI EM Index is set...