Indus Towers Eyes Africa Expansion But Investors Remain Miffed With Delay in Dividends

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Brokerages also remain divided on the impact of this expansion. CLSA, while retaining its ‘high conviction’ outperform rating on Indus Towers, cut its price target to ₹520 from ₹595. The firm flagged that Indus Towers’ Africa foray would add little in the near term, given Airtel Africa’s presence of fewer than 500 towers across the three chosen markets, compared with its total of 37,579. Instead, CLSA vouches for the management to prioritise dividends, calling the delay ‘unjustified.’