Indus Towers hits 52-week high; jumps 21% in four days

Indus Towers jumped 13.8% to Rs 317.55, extending its winning run to fourth consecutive trading session.

Sep 24, 2021 12:09 IST capital market

Shares of the tower infrastructure services provider rallied nearly 21% in four trading sessions from its previous closing low of Rs 262.55 posted on 20 September 2021. The counter hit a 52-week high of Rs 320.90 intraday today. From its 52-week low of Rs 161.3 posted on 24 September 2020, the stock has zoomed nearly 97%.

On BSE, 13.6 lakh shares were traded so far as compared to a two week daily average of 7.77 lakh shares. In last one month, the stock has moved 43% higher as compared to a 7.4% rise in Nifty 50 index.

The counter saw demand the Union Cabinet on 15 September approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign direct investment through the automatic route.

On the technical front, the stocks RSI (relative strength index) stood at 81.421. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 230.74 and 238.26 respectively. These levels will act as crucial support zones in near term.

Indus Towers Limited (formerly Bharti Infratel Limited) is Indias leading provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

On a consolidated basis, the company posted a 101% increase in net profit to Rs 1,415 crore on a 315% jump in net sales to Rs 6,797 crore in Q1 FY22 over Q1 FY21.

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