Indus Towers shares hit an over two-year high of Rs 305.65 as they rallied 10 per cent on the Bombay Stock Exchange intra-day trade. The stock of the tower infrastructure services provider has been trading at its highest level since April 2019. In the past seven trading days, it has surged 25 per cent after the government announced reforms in the telecom sector, which have increased Vodafone Idea’s going concern visibility.

Indus Towers Limited (formerly Bharti Infratel Limited) is India’s leading provider of passive telecom infrastructure, and it deploys, owns and manages telecom towers and communication structures, for various mobile operators. It caters to all wireless telecommunication service providers in India. Together, Bharti Airtel and Vodafone Group are classified as promoters of the Indus Tower, and they held 69.85 per cent shares of the company as of June 30, 2021.

On September 15, 2021, the Union Cabinet approved a relief package for the telecom sector (telcos) that includes a four-year moratorium on payment of statutory dues by telecom companies and allows 100 per cent foreign direct investment through the automatic route.