Shares of Indus Towers Ltd. rose to their highest level since listing on Friday after it entered into a deal with NTPC Green Energy Ltd. to develop renewable power projects. The memorandum of understanding is to explore the joint development of grid-connected renewable energy-based power projects, including solar, wind and energy storage, an exchange filing said.
The telecom infrastructure company aims to expand its renewable energy portfolio in a phased manner to meet its net zero commitments, the filing said.
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Shares of Indus Towers Ltd. rose 4.15%, the highest level since its listing on Dec. 28, 2012, before paring some gains to trade 4.02% higher at 10:02 a.m. This compares to a 0.45% decline in the NSE Nifty 50.
The stock has gained 161.97% in last 12 months and 80.38% year-to-date. Total traded volume so far in the day stood at 0.64 times its 30-day average. The relative strength index was at 80.91, implying the stock was overbought.
Of the 22 analysts tracking the company, 11 maintain a 'buy' rating, six recommend a 'hold,' and six suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 29.3%.
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