Indus Towers at over 2-yr high; Citi maintains buy, bull-case target Rs 400

Indus is witnessing demand for rural expansion and densification in urban areas, particularly from Bharti Airtel

Shares of Indus Tower hit an over two year high of Rs 284.40 as they rallied 5 per cent on the BSE in Tuesday's intraday trade amid heavy volumes, in an otherwise subdued market. In the past two trading days, the stock of the telecom Infrastructure company has surged 14 per cent.

At 09:52 AM, Indus Tower was trading 4 per cent higher at Rs 282.25 as compared to 0.43 per cent decline in the S&P BSE Sensex. A combined 21.1 million equity shares have changed hands on the NSE and BSE till the time of writing of this report.