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Investing.com - Jefferies has upgraded Indus Towers Ltd (NS:INDUSTOW) from Hold to Buy and raised its price target to INR425.00 from INR345.00, citing improved tenancy outlook and dividend visibility.
The upgrade follows Indus Towers’ September 2025 quarterly results, which exceeded estimates across all metrics, with rental revenues and other income performing particularly well.
Jefferies highlighted that the Supreme Court’s recent verdict on the Adjusted Gross Revenue (AGR) issue could improve the company’s tenancy outlook while enhancing visibility on dividends, which it considers a potential re-rating trigger.
The investment firm has increased its FY26-28 earnings per share estimates by 1-4% and projects a 6% compound annual growth rate in profits over the FY26-28 period.
Jefferies noted that the expected profit growth, combined with a 7% dividend yield, creates an attractive risk-reward profile for Indus Towers shares.
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