The shares of New Delhi Television Limited (NDTV) hit an upper circuit of 5 percent on Tuesday at Rs 383.05. The stock has been in news for the last few months after the Adani group made a bid to acquire the company in an attempt to gain a larger footprint in the Indian media sector.
Recently, the market regulator SEBI approved the Adani group’s open offer to buy an additional 26 percent stake in NDTV. The revised open date for the offer is now November 22nd while the closing date is December 5th.
Before this, the Adani group acquired a 29.18 percent stake in NDTV through its subsidiaries by way of a hostile takeover. With the additional 26 percent, the total effective stake of the group in NDTV stands at 55.18 percent.
New Delhi Television Ltd (NDTV) is an Indian news media company focusing on broadcast and digital news publications. The company pioneered independent news broadcasting in India and is credited for launching the first 24×7 news channel and the first lifestyle channel in the country.
In the past month, the stock has zoomed by approximately 18 percent. However, on a YTD basis, the stock has delivered a multibagger return of 233 percent as the price has risen from Rs 114 in January to the current levels.
In Q2FY23, the company reported a total revenue of Rs 105 Crore up from Rs 91 Crore in the same period a year earlier. In the quarter under review, their net profit stood at Rs 12 crores as against Rs 11 Crores in the previous year.
Written by Anoushka Roy
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