Indus Towers surges 10% on heavy volumes, hits 52-week high

Shares of Indus Towers (formerly Bharti Infratel) jumped 10 per cent to hit a 52-week high of Rs 264.70 on the BSE in Tuesday’s intra-day trade on the back of heavy volumes. The stock surpassed its previous high of Rs 256.80 touched on January 10, 2020.

The trading volumes on the counter jumped over three-fold as a combined 10 million equity shares changed hand on the NSE and BSE till 01:02 pm. At the same time, the S&P BSE Sensex was up 0.18 per cent at 48,261.

The merger between erstwhile Bharti Infratel and Indus Towers was completed on November 19, 2020. On December Bharti Airtel’s wholly-owned subsidiary Nettle Infrastructure Investments bought an additional 133 million shares, or 4.94 per cent additional stake, in Bharti Infratel for Rs 2,882 crore via block deals.