NDTV crosses Rs 500-mark for the first time since Jan 2008; up 97% in a mth

Shares of New Delhi Television (NDTV) continued their northward movement as they crossed Rs 500 mark for the first time since January 2008. The stock hit a new high of Rs 515.10, up 5 per cent on Friday in an otherwise subdued market. It surpassed its previous high of Rs 512 that it had touched on January 4, 2008.

Till 10:54 am; around 70,000 equity shares changed hands, with pending buy orders for about 375,000 shares, on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.08 per cent at 58,718 points.

The stock of TV broadcasting & software production company locked in upper circuit for the seventh straight day as it surged 41 per cent during the same period, after Gautam Adani’s group initiated proposal to buy majority stake in the company. In the past one month, the market price of NDTV has nearly doubled or up 97 per cent, as compared to 1 per cent rise in the S&P BSE Sensex.

On August 30, 2022, the Adani group published a detailed public statement about the NDTV’s open offer, which will tentatively open on October 17, 2022, subject to the market regulator’s approval.

On Monday, both NDTV and the Adani group sought the Securities and Exchange Board of India’s (Sebi’s) guidance on whether or not RRPR Holdings, the promoter entity of NDTV, can transfer their shares to the Adani group. NDTV argued that it cannot transfer the shares till November this year, as a ban was imposed by Sebi on 2020, which will continue till November this year.

However, Adani Enterprises rejected RRPR Holding’s contention over Income Tax department’s nod to convert warrants into equity shares to Vishvapradhan Commercial (VCPL), its indirect subsidiary. RRPR is a promoter group entity of NDTV, which is at the centre of an acquisition by the Adani group.

Adani Enterprises said that the RRPR disclosure lacked bonafides and lacks merit or basis, either in law or in fact and was misconceived. CLICK HERE FOR MORE DETAILS

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