Indus Towers achieves a milestone of 2,00,000 macro towers in India

Indian benchmark indices have continued to fall, with significant losses in the healthcare, auto, and financial services sectors. Except for BSE Capital Goods and BSE Consumer Durables, all sectoral indices were trading down. PSU banks attracted substantial buying interest from investors. The BSE Sensex lost 0.56% to 65,322 level at the close. The Nifty 50 index fell 0.59% to a level of 19,428.    

While the majority of telecommunications stocks were trading down today, Indus Towers Ltd attracted investors while attempting to strengthen the industry with gains. The stock has gained momentum as the company announced a new milestone. 

It announced that it had reached a milestone of 2,00,000 macro towers spread across all 22 telecom circles in India, ensuring that this extensive, robust, and resilient infrastructure serves as the backbone for seamless network connectivity offered by telecom operators who support the Indian Government’s flagship ‘Digital India’ initiative. 

The company’s June quarter performance was also impressive. Compared to the June quarter last year, the net profit for the first quarter of FY24 skyrocketed 182.4%, from Rs 477.30 crore to Rs 1,347.90 crore. It has reported operating profit growth of 52.18%. The company recorded a modest 2.59% growth in revenue from Rs 6,897.30 crore in Q1FY23 to Rs 7,075.90 crore in Q1FY24.  

Indus Towers Limited is India’s leading provider of telecom infrastructure, deploying, owning, and managing telecom towers and communication structures for multiple mobile operators. It serves all wireless telecommunications service providers in India and has been an industry leader in implementing green energy efforts for its operations. 

Shares are currently trading at Rs 171, with a 52-week high of Rs 207.90 per share on the BSE. Over the past month, shares have experienced a modest rally and gained by about 5%. 

Keep a close eye on this stock for the upcoming sessions!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.