Right since the morning, Bharti Infratel has been holding on to its place in the top gainers list. At one point, up almost 12% at Rs.435.40, the stock is now over 8% up at Rs.421. Its 52-week high and low stands at Rs.505 and Rs.264.50 respectively.

The stock is up on CLSA, the foreign brokerage house “maintaining” the stock. CLSA put out a report saying that it has “maintained” its buy on the stock and target price is at Rs.520, over 33% higher than Friday’s closing price of Rs.390.

CLSA has said that it expects the company to post a CAGR of 15-24% over FY15-18. The report says that not only does Bharti Infratel offer growth, a strong balance sheet and 3% dividend yield but also the tower industry in India is consolidating with several companies in excessive leverage. Adding to that, Bharti Infratel’s planned merger and acquisition, especially to buy Idea Cellular and Vodafone’s 20000 towers, would be synergistic and add to growth.

Close on the heels of this bullish report of CLSA, Temasek, an investment company owned by the Government of Singapore, sold 1.737 shares of the company at Rs.380.04/share on Friday. Its holding thus now comes down from 1.58% to 0.66%.