Indus Towers: Citi Sees 16% Upside, Cites 3 Catalysts for ₹540 Target

• Citi maintains 'Buy' rating on Indus Towers with a price target of ₹540, implying 16% upside.
• Despite a 40% rally, Citi expects further upside for the stock.
• Three near-term catalysts identified: Vodafone Idea's bank debt closure, AGR reassessment completion, and Bharti Airtel's open market purchases.
• Vodafone Idea's debt raise and AGR reassessment could enable reinstatement of shareholder payouts by Indus Towers.
• Bharti Airtel's recent purchases at ₹450 per share signal confidence in the stock.