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Shares of Indus Towers on Thursday fell 13% to the day's low of Rs 366.30 on BSE following the Supreme Court ruling in the Adjusted Gross Revenue (AGR) case by the telecom companies requesting a re-computation. The apex court reaffirmed its decision on the AGR ruling against telecom companies, maintaining the full amount of the AGR demand.
Last year, Airtel and Vi had requested the apex court to hear in the "open court" their curative petitions against an earlier order, which rejected the pleas for rectification of what they called arithmetical errors in DoT's calculation of AGR dues. For Vi, in 2019, the Supreme Court confirmed the AGR demand raised by the Department of Telecom which translated into a burden of Rs 58,000 crore. With the interest levy, that burden has now gone up to Rs 70,320 crore as of the end of FY24.
In its report earlier this month, global brokerage firm Goldman Sachs had downgraded Indus Towers to 'Sell' from its earlier rating of 'Neutral', reducing the target price to Rs 220 while it also gave a target price of just Rs 2.5 on Vi and signaled a downside potential of as deep as 83%. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading ROC Made Easy: Master Course for ROC Stock Indicator By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading RSI Made Easy: RSI Trading Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Introduction to Technical Analysis & Candlestick Theory By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Options Trading Course For Beginners By - Chetan Panchamia, Options Trader View Program Stock Trading Options Scalping Made Easy By - Sivakumar Jayachandran, Ace Scalper View Program Stock Trading Futures Trading Made Easy: Future & Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Options Trading Made Easy: Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Investing Made Easy: Beginner's Stock Market Investment Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Macroeconomics Made Easy: Online Certification Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Valuation Made Easy By - Rounak Gouti, Investment commentary writer View Program Stock Trading Candlesticks Made Easy: Candlestick Pattern Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Technical Analysis Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Trading Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Commodity Markets Made Easy: Commodity Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Derivative Analytics Made Easy By - Vivek Bajaj, Co Founder- Stockedge and Elearnmarkets View Program Stock Trading A2Z of Stock Market for Beginners: Stock Market Course For Beginners By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Dow Theory Made Easy By - Vishal Mehta, Independent Systematic Trader View Program Stock Trading Cryptocurrency Made Easy: Cryptocurrency Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading A2Z of Stock Trading - Online Stock Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Algo Trading Made Easy By - Vivek Gadodia, Partner at Dravyaniti Consulting and RBT Algo Systems View Program Also read: Bajaj Housing Finance shares tumble 11% in 2 days.
Should you buy, sell or hold? While commenting on Indus Towers, the global brokerage firm said that there is a disconnect between fundamentals and valuations and that it sees Indus' re-rating as overdone with limited visibility on the medium/long term growth outlook for the company. The global brokerage firm also stated that it would get incrementally constructive on Indus Towers if Vodafone Idea is able to repair its balance sheet. The shares of Indus Towers have gained 108% in the last one year while increasing by nearly 90% in the current year so far.
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