INDUSTOWER

** Indus Towers INUS.NS falls 6.2% to 382.6 rupees; set for worst day in over seven months

** Telecom infra provider's Q4 consol PAT falls 4% Y/Y, hurt by a rise in costs; rev up 7.4%

** Jefferies("underperform;" PT:345 rupees) calls lack of dividend announcement in Q4 a negative surprise; co may raise dividends in FY26

** Expects co's tenancy additions to pick up over next few quarters, led by Vodafone Idea VODA.NS's network expansion

** More than 16.4 mln shares traded, over twice the 30-day avg

** Avg rating on stock is "hold;" median PT is 407 rupees - data compiled by LSEG

** Stock up 12% YTD

(Reporting by Aleef Jahan in Bengaluru)

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April 9 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• PUTS SALE OF INFRASTRUCTURE BUSINESS TO INDUS TOWERS ON HOLD

• TCIL REQUESTS BHARTI HEXACOM TO START FRESH PROCESS FOR SALE

• TO UNDERTAKE FRESH EXERCISE IN CONSULTATION WITH TCIL

Source text: ID:nNSE86XJRt

Further company coverage: BHAX.NS

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** Telecom tower operator Indus Towers INUS.NS jumps 6.7% to 356.70 rupees; set for biggest intraday pct gain since June 2024

** Brokerages say INUS, owed money by Vodafone Idea VODA.NS, seen benefiting from Indian government's move to convert part of debt-ridden telco's spectrum dues into equity

** VODA says government's stake in co will rise to 48.99% from 22.6% after outstanding spectrum auction dues are converted into equity

** Citi sees INUS climbing to 470 rupees in next three months

** Jefferies says government move will allay concerns of potential delays in payments to INUS

** Stock rated "hold" on avg, per data compiled by LSEG

** INUS gains 4.2% YTD

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 21 (Reuters) - Indus Towers Ltd INUS.NS:

• ZAGGLE PREPAID OCEAN SERVICES - ENTERED INTO AN AGREEMENT WITH INDUS TOWERS

Source text: [ID:]

Further company coverage: INUS.NS

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Updates shares in paragraphs 2,3, adds background from paragraph 4

Feb 14 (Reuters) - India's top court has rejected a request by telecom companies to recalculate the dues they owe the government, the Mint business daily reported on Friday.

The news sent shares of debt-saddled Vodafone Idea VODA.NS down 5.3%, while shares of telecom tower operator Indus Towers INUS.NS dropped about 4%. Analysts previously said a similar court decision would delay Indus Towers' recovery of dues from Vodafone Idea.

The companies, in a last resort petition against a similar ruling by the top court in 2021, had argued that the telecom department made errors in calculating the so-called adjusted gross revenue (AGR) dues.

A similar appeal was rejected by India's top court in September last year.

Telecom firms had long contested that only revenue accrued from core services should be taken into account when computing the dues, while the government argued that AGR should include non-core revenue as well, such as money from rent or land sales.

The Supreme Court, in 2019, ruled in favour of the government's definition of AGR calculations.

The latest ruling is a setback for Vodafone Idea, which owes the government around 2.27 trillion rupees ($26.1 billion) in license fees and spectrum charges, according to its latest earnings statement.

The Indian government is also one of the largest shareholders in the company with a 23.15% stake.

($1 = 86.8580 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 6 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• APPROVES SALE OF 3,400 TELECOM TOWERS TO INDUS TOWERS

• TRANSFER TO INDUS TOWERS VALUED AT UP TO 11,341 MILLION RUPEES

Source text: ID:nBSE9KXmR4

Further company coverage: BHAX.NS

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Jan 23 (Reuters) - Indus Towers Ltd INUS.NS:

• DEC-QUARTER CONSOL PROFIT 40.03 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 75.47 BILLION RUPEES

Source text: [ID:]

Further company coverage: INUS.NS

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Jan 10 (Reuters) - Vodafone Group PLC VOD.L:

• INDUS TOWERS STAKE SALE AND VI SHAREHOLDING

• PLACING RAISES INR 28 BILLION (US$330 MILLION), REPAYS INR 8.9 BILLION (US$105 MILLION) BORROWINGS

• USED PROCEEDS FROM CAPITAL RAISE TO PAY OUTSTANDING MASTER SERVICE AGREEMENT DUES TO INDUS

Source text: ID:nRSJ8952Sa

Further company coverage: VOD.L

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Dec 16 (Reuters) - Indus Towers Ltd INUS.NS:

• TAX TRIBUNAL ORDERS IN FAVOR OF COMPANY ON DENIAL OF DEPRECIATION ON ASSETS RECEIVED UNDER MERGER

• ORDER TO RESULT IN REDUCTION OF 35 BILLION RUPEES IN CONTINGENT LIABILITY

Source text: [ID:]

Further company coverage: INUS.NS

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Dec 13 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS LTD - ENTERED INTO A POWER PURCHASE AGREEMENT WITH JSW GREEN ENERGY EIGHT

• INDUS TOWERS LTD - TO INVEST APPROXIMATELY 380.3 MILLION RUPEES IN JSW GREEN ENERGY

• INDUS TOWERS LTD - TO ACQUIRE 26% SHAREHOLDING IN JSW GREEN ENERGY

Source text: [ID:]

Further company coverage: INUS.NS

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Dec 9 (Reuters) - India's Vodafone Idea VODA.NS said on Monday it will raise up to 19.80 billion rupees ($233.8 million) through the issue of shares on a preferential basis.

($1 = 84.7000 Indian rupees)

(Reporting by Aleef Jahan and Nishit Navin in Bengaluru; Editing by Janane Venkatraman)

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** Shares of Vodafone Idea VODA.NS fall 3% to 8.2 rupees

** VODA's UK-based stakeholder Vodafone Group VOD.L said it will sell remaining 3% stake in Indian telecom infrastructure developer Indus Towers INUS.NS

** Proceeds from share sale to be used to repay VODA's outstanding borrowings to lenders

** Separately, VODA said it will consider fundraise worth up to 20 bln rupees ($236.1 mln) to one or more entities of Vodafone Group in its meeting on Dec. 9

** Proceeds from fundraise to be used to pay VODA's outstanding dues to INUS

** Shares of Indus Towers rise as much as 5% to 375 rupees, highest since Oct. 23

** 79.2 mln shares of INUS change hands via block deals in morning session, at an avg price of 353.7 rupees per share, as per NSE data

($1 = 84.7230 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Dec 4 (Reuters) - Vodafone Group PLC VOD.L:

• VODAFONE GROUP PLC - VODAFONE TO SELL 3.0% STAKE IN INDUS TOWERS

• VODAFONE GROUP PLC - PROCEEDS TO REPAY VODAFONE'S $101 MILLION OUTSTANDING BORROWINGS

• VODAFONE GROUP PLC - VODAFONE TO SELL 3.0% STAKE IN INDUS TOWERS

Source text: ID:nRSD7868Oa

Further company coverage: VOD.L

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** Shares of Indus Towers INUS.NS rise 2.5% to 332 rupees

** The integrated telecommunications services provider said on Wednesday that the Supreme Court upheld a Delhi High Court decision allowing cenvat credit, reducing its contingent liability by 37.04 bln rupees ($438.8 mln)

** More than 8 mln shares change hands, 1.3x its 30-day avg

** 21 analysts covering the stock on average have a "hold" rating; median PT is 385 rupees - LSEG data

** Stock up 65% so far this year

($1 = 84.4225 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 20 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS LTD - SUPREME COURT UPHOLDS DELHI HIGH COURT DECISION ALLOWING CENVAT CREDIT

• INDUS TOWERS LTD - SUPREME COURT OVERRULES BOMBAY HIGH COURT DECISION ON CENVAT CREDIT

• INDUS TOWERS LTD - OUTCOME TO REDUCE CO'S CONTINGENT LIABILITY BY 37.04 BILLION RUPEES

Source text: ID:nBSE7Mb91Q

Further company coverage: INUS.NS

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** Analysts at Citi Research expects a 50.5% upside for Indus Towers INUS.NS shares over a 90-day period

** Stock last up 3.2%

** While outcome of plea to recalculate telecom dues went against telcos, many key positives have been ignored; maintains buy on INUS at TP of 485 rupees - Citi

** Citi expects the telecom infrastructure provider to benefit from upcoming pickup in tenancies from Vodafone Idea VODA.NS starting Q3FY25, along with accelerated recovery of past dues

** INUS' declining capex has been aiding its free cash flow generation - Citi

** With co's management reiterating policy of paying out 100% of FCF, believe there is high likelihood of dividend reinstatement by end of FY25 - Citi

(Reporting by Aleef Jahan in Bengaluru)

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Oct 22 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• INDIA COMPETITION REGULATOR - APPROVES INCREASE IN % SHAREHOLDING OF BHARTI AIRTEL IN INDUS TOWERS PURSUANT TO BUY BACK OF SHARES BY INDUS TOWERS

Source text for Eikon: [ID:]

Further company coverage: BRTI.NS

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Changes sourcing, adds shares and context in paragraphs 2-6

BENGALURU, Sept. 19 (Reuters) - India's Supreme Court on Thursday rejected a request by telecom companies including Vodafone Idea VODA.NS and Bharti Airtel BRTI.NS to recalculate how much they owe the government in licence fees, a court order showed.

Shares of Vodafone Idea VODA.NS and Indus Towers INUS.NS slumped around 15% each after the news, while Bharti Airtel BRTI.NS briefly turned negative.

The companies had argued that the country's telecommunications department made significant errors in calculating the adjusted gross revenue (AGR) dues, the basis for license fee calculation owed to the government.

Vodafone Idea, Bharti Airtel and Indus Towers did not immediately respond to Reuters requests for comment.

The top court had in 2021 rejected a similar plea to correct errors in AGR calculation, arguing that it should only take into account revenue accrued from their core services.

The government had argued that it should include non-core revenue as well, such as money from rent or land sales.

(Reporting by Aleef Jahan in Bengaluru, Arpan Chaturvedi in New Delhi; Editing by Nivedita Bhattacharjee)

(([email protected];))

** Indus Towers INUS.NS drop 3.4% to 428.3 rupees after Goldman Sachs cuts to 'sell' on disconnect between fundamentals and valuations

** GS sets 350 rupees PT, nearly 20% lower than last close

** Says re-rating on the telecom tower firm was "overdone" as client Vodafone Idea's VODA.NS market share erosion and cash flow pressures will continue

** Says "premature" of market to price in upside to telecom companies' capex from potential cut in spectrum dues and gains from reported likely merger of Indus with client Bharti Airtel's BRTI.NS data center business

** 19 analysts' mean recommendation on INUS is equivalent of "hold"; median PT is 375 rupees -LSEG data

** INUS shares have surged 114% YTD, while BRTI has risen 49% and VODA has shed 15%

(Reporting by Bharath Rajeswaran in Bengaluru)

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July 30 (Reuters) - Indus Towers Ltd INUS.NS:

• JUNE-QUARTER CONSOL PROFIT 19.26 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 73.83 BILLION RUPEES

Further company coverage: INUS.NS

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** Shares of telecom infra developer Indus Towers INUS.NS rise as much as 5.2% to 447.5 rupees, its highest level since Oct. 2017

** Stock set for second straight week of gains

** Co on Thursday said it will consider buyback of shares; it did not give further details

** Analysts on avg. rate INUS "hold", with median PT of 370 rupees - LSEG data

** Stock last up 4.5%, taking YTD gain to 123%

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]))

June 24 (Reuters) -

• BHARTI AIRTEL IN TALKS WITH VODAFONE PLC TO BUY 3% STAKE IN INDUS TOWERS - CNBC-TV18

Source text: https://bit.ly/3VVczjm

Further company coverage: BRTI.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to remove unnecessary tag in the headline.

By Shritama Bose

MUMBAI, June 21 (Reuters Breakingviews) - New Delhi’s bailout last year of Vodafone Idea VODA.NS is starting to pay off. This week its major shareholder, the UK's Vodafone VOD.L, bagged just shy of $2 billion selling most of its 21% stake in communications infrastructure provider Indus Towers INUS.NS, which counts India’s third-largest telecom operator as a major tenant. That comes two months after Vodafone Idea managed to raise more than $2 billion in the country’s largest-ever secondary share sale. But it remains so weighed down by three major problems that the almost threefold increase in its stock price since the government stepped in looks overdone.

First, Vodafone Idea is losing customers. At 213 million, its user base is 48% below its peak of 408 million at the time Vodafone India merged with Idea Cellular in 2018. The pace of erosion did at least slow in the financial year to the end of March. But it’s hard to imagine the trend reversing until the company can offer the same 5G service already offered by larger rivals Reliance Industries RELI.NS and Bharti Airtel BRTI.NS; in fact, in some areas Vodafone Idea only operates 3G networks.

Fixing that will take time – and money. Sure, the firm run by Akshaya Moondra has added to its coffers and may soon be able to tap lenders for up to $4 billion-having cut its bank debt by 64% in the 12 months to the end of March. But it still owes the government a chunky $24 billion. Moreover, analysts expect the company to keep losing money for the next three financial years, per LSEG data.

On top of that, Vodafone Idea has a messy ownership structure. Tycoon Kumar Mangalam Birla’s group is now regarded as the effective proprietor, but holds just 8%. New Delhi’s intervention last year gave it a third of the company, though after April’s equity offering that has dropped to 24% and it’s not expected to be a long-term holding. Neither is the UK’s Vodafone. It remains the biggest shareholder with 29%, but is unlikely to inject any more cash into the business. That means shares in more than half of the company are likely at some point to need to change hands.

New Delhi's rescue has helped stop the rot. But the prospect of Vodafone Idea suffering from some dropped calls remains pretty high.

Follow @ShritamaBose on X

CONTEXT NEWS

Vodafone Group sold a bigger-than-planned 18% stake in India's Indus Towers on June 19, raising $1.82 billion that the British telecom group said it will use to reduce debt.

The company, which owned 21.5% of Indus prior to the sale, had initially planned to sell a 10% stake but strong investor demand made it nearly double the sale size, Reuters reported the same day, citing an unnamed banking source.

In April, Vodafone Idea raised $2.15 billion through the country’s largest ever follow-on public offer, garnering bids worth seven times the issue size.

(Editing by Antony Currie and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/ [email protected]))

By M. Sriram

MUMBAI, June 19 (Reuters) - Vodafone Group VOD.L has raised its stake sale in India's Indus Towers to nearly 18% for up to $2 billion from about 10% earlier, according to a term sheet seen by Reuters.

(Reporting by Sriram Mani in Mumbai; Editing by Mrigank Dhaniwala)

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Adds deatils from term sheet and background throughout

BENGALURU, June 18 (Reuters) - Vodafone Group VOD.L will sell about 10% stake in India's Indus Towers INUS.NS for as much as $1.1 billion on Wednesday, per a term sheet seen by Reuters, as a part of the British firm's efforts to repay debt.

Last week, Reuters reported that Vodafone was mulling to sell its stake in mobile-tower operator Indus Towers, in which it owns a 21.5% stake via various group entities.

Vodafone plans to repay part of its $42.17 billion net debt using proceeds from the Indus Towers stake sale, sources had told Reuters last week.

Vodafone will sell roughly 268 million shares in Indus Towers through stock market block deals in Mumbai at a price range of 310 rupees to 341 rupees per share, valuing the stake between $996 million to $1.1 billion, the term sheet showed on Tuesday.

The midpoint of the price range is at a 4.5% discount to Indus's stock closing price on Tuesday, but roughly in-line with its close on Friday after Reuters reported on the sale. Indian markets were closed on Monday.

Vodafone has hired Bank of America, Morgan Stanley, Jefferies and BNP Paribas to manage the stake sale in Indian stock markets, the term sheet showed.

Vodafone and Indus Towers did not immediately respond to Reuters' requests for comment.

Block deals, where investors sell shares in stock markets, have become increasingly popular in India as the market has surged to record highs.

(Reporting by M. Sriram and Indranil Sarkar; Editing by Mrigank Dhaniwala)

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Adds detail, context, signifinance

By M. Sriram

MUMBAI, June 14 (Reuters) - Vodafone Group VOD.L is looking to sell its entire $2.3 billion stake in India's Indus Towers INUS.NS through stock market block deals next week, two sources with direct knowledge said, as part of the British firm's effort to repay debt.

Vodafone owns 21.5% of mobile-tower operator Indus via various group entities. As of Friday's closing stock price in Mumbai, the investment is worth $2.3 billion.

The final size of the stake sale is yet to be decided and could be lower than 21.5% if demand, which is still being assessed, is insufficient, said the sources, who declined to be named as the discussions were private.

Vodafone India and its UK parent did not immediately respond to requests for comment. Indus Towers declined to comment.

Vodafone has hired Bank of America, Morgan Stanley and BNP Paribas to manage the stake sale in Indian stock markets, the sources said.

Bank of America declined to comment while the others did not respond to Reuters requests for comment.

Vodafone in 2022 announced it would sell all of its then-28% stake, but has managed to sell only a small portion so far. The sources said the talks with rival telecom firms for a stake sale had not materialised.

Vodafone plans to repay part of its $42.17 billion net debt using proceeds from Indus stake sale, the sources said.

Indus, which says it is one of the world's biggest tower companies, also counts India's second biggest telecom firm, Bharti Airtel, as a shareholder. It has nearly 220,000 towers, with services also including providing power, space and green technology for tower equipment.

Private equity giant KKR and Canadian fund CPPIB were also investors in Indus, but sold their entire stakes in February.

Block deals, where investors sell shares in stock markets, have become increasingly popular in India as the market has surged to record highs.

In March, British American Tobacco BATS.L sold its entire $2 billion stake in Indian tobacco firm ITC ITC.NS.

For the March 2024 quarter, Indus' net profit rose 20% to $221 million, while its revenue stayed flat at $860 million, according to regulatory filings.

($1 = 0.7873 pounds)

(Reporting by M. Sriram in Mumbai, additional reporting by Paul Sandle in London, editing by Aditya Kalra and Susan Fenton)

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Updates to reflect analyst's revised estimate in paragraph 3

By Bharath Rajeswaran

BENGALURU, May 15 (Reuters) - India's weight in MSCI's Global Standard index, which tracks emerging market stocks, has risen to another record high, boosting prospects of more inflows into its equity markets.

With this, India has further narrowed the gap with China on the index. While China's weightage in the index will fall to 25% from 25.4%, India's weight will rise to 19% from 18.2%. The changes, announced on Wednesday, will be effective May 31.

The May review will lead to about $2 billion - $2.5 billion inflows into India, Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research said.

Consistent flows from domestic institutional investors and steady participation by foreign investors means that there is potential for India to surpass 20% weightage in the MSCI Global Standard index by the second half of 2024, Pagaria said.

With the May rejig, India's stock count in the MSCI Global Standard index is at 149, the highest ever for the country.

India's rising prominence in emerging markets is due to robust performance of its equities, particularly in the mid-cap segment, amid the relative underperformance by other emerging markets, especially China, analysts have said.

MSCI will add 13 Indian companies, the most among emerging markets, to the Global Standard Index from May end.

These include JSW Energy JSWE.NS, Canara Bank CNBK.NS, Indus Towers INUS.NS in the large-cap segment, and Mankind Pharma MNKI.NS, Bosch BOSH.NS, Solar Industries SLIN.NS, NHPC NHPC.NS, Torrent Power TOPO.NS, Thermax THMX.NS, Jindal Stainless JIST.NS and Sundaram Finance SNFN.NS in the mid-cap index.

Phoenix Mills PHOE.NS and PB Fintech PBFI.NS have been upgraded to the mid-cap index from small-cap by MSCI.

Berger Paints BRGR.NS will be removed from the MSCI index while Indraprastha Gas IGAS.NS and Paytm's parent One 97 Communications PAYT.NS have been downgraded to the small-cap index from the mid-cap index.

Housing Urban Development Corp HUDC.NS and Waaree Renewable Technologies WAAE.BO have been added to the small-cap index.

Separately, 29 Indian stocks have been added to the MSCI Domestic index while 15 have been moved to other categories or removed.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)

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April 30 (Reuters) - Indus Towers Ltd INUS.NS:

• JOINT COMMISSIONER (TELANGANA) LEVYING PENALTY OF 4.4 MILLION RUPEES

Source text for Eikon: ID:nBSE6jg7gW

Further company coverage: INUS.NS

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April 25 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS - GOT TAX ORDER LEVYING PENALTY OF 4.3 MILLION RUPEES

Source text for Eikon: ID:nNSE4mlbtq

Further company coverage: INUS.NS

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BENGALURU, April 24 (Reuters) - Indian telecom operator Bharti Airtel BRTI.NS is in talks to buy UK-based Vodafone Group's VOD.L 21.05% stake in Indus Towers INUS.NS, the Economic Times newspaper reported on Wednesday, citing unnamed sources.

(Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich)

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