Home / Financial News / TV Today Network zooms over 30% in two days on R K Damani stake buy

TV Today Network zooms over 30% in two days on R K Damani stake buy

Shares in TV Today Network has soared 6% to Rs 217, extending its previous day’s rally on National Stock Exchange (NSE), after Radhakishan Damani bought nearly 2% stake in the company for about Rs 20 crore through open market transactions.

On August 27, 2014 Derive Investments bought 1.17 million shares representing 1.96% stake in TV Today Network for Rs 21 crore, the NSE data shows.

Derive Investments purchased 694,580 shares at Rs 189.01 per share and bought additional 485,868 shares at Rs 199.29. Meanwhile, it sold 10,100 shares at Rs 200.36 per share, data shows.

Derive Investments a fund run by independent investor Radhakishan Damani and Gopikishan Damani.

Ramesh Damani (1.38%) and Damani Estate & Finance Pvt Ltd (1.50%) held more than 1% stake each in news telecast and broadcasting operations at the end of June quarter, the shareholding pattern data shows.

The TV Today Network is largely owned by the Arun Purie controlled Living Media Inc which publishes one of India’s top weeklies called India Today.

The stock hit a record high of Rs 227, rallied 33% from Rs 171 in past two trading sessions on NSE. The counter has seen huge trading volumes with a combined 4.83 million shares changing hands so far on NSE and BSE.
 

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