Indus Towers (INDUSTOWER) rose 2.3% to ₹379.9, marking its highest level in nearly three months, after reporting Q2 results and receiving an analyst upgrade.

• Revenue: Consolidated Q2 revenue rose ~10% year-on-year, beating estimates across the board.
• Profit: Net profit fell 17% y/y due to a sharp ~40% y/y increase in expenses.
• Analyst Outlook: Jefferies upgraded the stock from “hold” to “buy” and raised the price target from ₹345 to ₹425 (~15% above last close).
• Regulatory Boost: The Supreme Court’s verdict allowing the federal government to address Vodafone Idea’s (IDEA) adjusted gross revenue (AGR) grievances is expected to improve Indus Towers’ tenancy outlook, enhance dividend visibility, and potentially trigger a stock re-rating.
• Consensus: INDUSTOWER carries an average “buy” rating with a median price target of ₹408. Year-to-date, the stock has gained 11%.

This combination of strong revenue growth, regulatory clarity, and analyst upgrades positions Indus Towers as a stock with renewed investor interest.