Indus Towers Shares Slip To Near One-Week Low After Board Nod To Buyback
Indus Towers will buyback the shares at a price of Rs 465 per share, the company said in an exchange filing on Tuesday.
Shares of Indus Towers Ltd. fell to a nearly one-week low on Wednesday after its board approved the proposal to buyback shares. Indus Towers will buy back 5.67 crore shares, or 2.107% stake in the company.
Indus Towers will buyback the shares at a price of Rs 465 per share, the company said in an exchange filing on Tuesday.
The company's consolidated net profit rose 3.9% year-on-year to Rs 1,926 crore in the quarter ended June 2024, according to an exchange filing. That compares with Rs 1,572 crore estimated by analysts polled by Bloomberg. Indus Towers' top line rose 2.6% on the year to Rs 7,383 crore from Rs 7,193 crore.
The company's operating profit, or Ebitda, rose in contrast to a marginal decline Bloomberg's survey forecasted. The Ebitda rose 10.8% on the year to Rs 4,545 crore, from Rs 4,102 crore for the first quarter.
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Shares of Indus Towers Ltd. declined 3.68% lower at Rs 430.35, the lowest level since July 25. It was trading 1.88% lower at Rs 438.40 as of 9:56 a.m., as compared to 0.11% advance in the NSE Nifty 50 index.
The stock gained 156.62% in last 12 months and 119.84% on year to date basis. Total traded volume so far in the day stood at 0.34 times its 30-day average. The relative strength index was at 65.94.
Out of 22 analysts tracking the company, 10 maintain a 'buy' rating, six recommend a 'hold,' and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 15.6%
