Vodafone Idea FPO powers Indus Towers, share price zooms 4% after CLSA upgrade

Vodafone Idea FPO, worth ₹18000 crore, the biggest-ever follow-on public offer in India, is having a salutary effect on Indus Towers, whose share price zoomed as much as 4%, a day after the successful conclusion of the offer. Significantly, CLSA also moved quickly to upgrade Indus Towers stock by ascribing it a ‘buy’ rating along with boosting the target price to ₹450 from the earlier ₹335. Indus Towers share price is now trading at ₹363.30, up 13.50 (3.86%) at 12:55 pm IST.

CLSA says that the reason for the upgrade stems from the fact that Indus Towers could be a key beneficiary of the Vodafone Idea FPO. Notably, Vodafone Idea is looking at adding some 48,000 sites for 4G and 5G technology. A Money Control report says CLSA has upgraded Indus Towers’ CY2025 and CY2026 forecasts a it sees the 24,000 additional tenancies boosting the CY26 EBITDA growth to 10 percent on-year.