Shares of Indus Towers Ltd. surged to their highest level in over six years on Friday after it said its board is meeting next week to consider buyback of shares.
In the meeting scheduled for July 30, Indus Towers' board of directors may consider and approve buyback of fully-paid-up equity shares of Rs 10 each, according to an exchange filing on Thursday.
The trading window for dealing in Indus Towers shares will remain closed for all designated people and their immediate relatives till Aug. 1, according to the filing.
On the NSE, Indus Towers's stock rose as much as 5.3% during the day to Rs 447.35 apiece, the highest since Nov. 1, 2017. It was trading 4.26% higher at Rs 443.30 per share, compared to a 0.48% advance in the benchmark Nifty at 9:39 a.m.
The share price has gained 156.72% in the last 12 months and 121.45% on a year-to-date basis. The total traded volume so far in the day stood at 0.26 times its 30-day average. The relative strength index was at 71.31, implying that the stock is overbought.
Ten out of the 22 analysts tracking the company have a 'buy' rating on the stock, six recommend a 'hold' and as many suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 16.9%.
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