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NDTV hits over 13-year high; stock zooms 85% in one month

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Shares of New Delhi Television (NDTV) hit an over 13-year high of Rs 312.65 as they rallied 9 per cent on the BSE in Thursday’s intra-day trade ahead of April-June quarter (Q1FY23) results later today. The stock of the television broadcasting & software production company has surged 20 per cent in the past two trading days. It surpassed its previous high of Rs 303, hit on July 25, 2022.

In the past one month, the market price of NDTV has zoomed 85 per cent as compared to 9.8 per cent rise in the S&P BSE Sensex. It was trading at its highest level since September 2008. The stock had hit a record high of Rs 512 on January 4, 2008.

NDTV, on July 27, 2022, clarified that the company is unaware of any reason for the significant movement in price, nor is it withholding any information which could influence the significant movement in price of the shares of the company.

On July 21, the Securities Appellate Tribunal (SAT) provided partial relief to news broadcaster NDTV and its promoters against orders passed by the Securities and Exchange Board of India (Sebi) for alleged violation of Takeover Code and disclosure regulations. The tribunal also slashed penalties imposed by the market regulator terming them ‘excessive’.

“While declaring the terms of the personal loan between the NDTV founders and a company named Vishvapradhan Commercial Private Limited (VCPL) as completely legitimate, the SAT said, “the transaction does not acquire direct or indirect control of NDTV. The intent and language of the loan agreement and call option agreements read with the SAST Regulations makes it clear that there is no direct or indirect control of NDTV by VCPL,” the company said in exchange filing. CLICK HERE FOR FULL STATEMENT

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