Indus Towers rises on entering into power purchase agreement with JSW Green Energy Eight
Indus Towers is currently trading at Rs. 345.35, up by 1.75 points or 0.51% from its previous closing of Rs. 343.60 on the BSE.
The scrip opened at Rs. 340.55 and has touched a high and low of Rs. 346.25 and Rs. 335.50 respectively. So far 176684 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 460.70 on 02-Sep-2024 and a 52 week low of Rs. 176.45 on 21-Dec-2023.
Last one week high and low of the scrip stood at Rs. 366.70 and Rs. 335.50 respectively. The current market cap of the company is Rs. 91306.81 crore.
The promoters holding in the company stood at 53.01%, while Institutions and Non-Institutions held 41.14% and 5.86% respectively.
Indus Towers has entered into a Power Purchase agreement with JSW Green Energy Eight, a special purpose vehicle (SPV), for the procurement of renewable energy from Solar PV plant, under Captive mode. In connection with this, the Company will also enter into an agreement for a proposed investment of around Rs 38.03 crore, through the subscription to equity shares of the SPV, in accordance with the provisions of the Electricity Act, 2003, the Indian Electricity Rules, 2005, Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022 and amendments thereof.
The company will receive 130 MW renewable energy from Solar PV power plant. This acquisition aligns with the Company’s renewable energy objectives, supporting the procurement of sustainable energy and advancing its Net Zero goals.
Indus Towers is a telecom tower infrastructure service provider that deploys, owns and manages telecom towers and communication structures, for various mobile operators.
