Den Networks jumped 7.71% to Rs 77.75 at 10:25 IST on BSE after the company said that the board of directors will discuss proposal for preferential issue of shares to a global financial investor.
The announcement was made after market hours yesterday, 15 September 2016.Meanwhile, the S&P BSE Sensex was up 320.32 points or 1.13% at 28,733.21.
More than usual volumes were traded on the counter. On BSE, so far 62,310 shares were traded in the counter as against average daily volume of 20,452 shares in the past one quarter. The stock hit a high of Rs 79.80 and a low of Rs 75 so far during the day. The stock had hit a 52-week high of Rs 133 on 21 September 2015. The stock had hit a 52-week low of Rs 60.50 on 15 February 2016. The stock had underperformed the market over the past one month till 15 September 2016, falling 16.22% compared with 0.93% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 18.89% as against Sensex's 6.31% rise.
The small-cap company has equity capital of Rs 178.20 crore. Face value per share is Rs 10.
Den Networks said that a meeting of the board of directors of the company will be held on 20 September 2016, to discuss and approve proposal for preferential issue of shares to one of the leading global financial investors who will form part of the persons belonging to non promoter category, subject to approval of the board of directors, shareholders and in compliance with the all applicable laws.
Den Networks reported net loss of Rs 57.31 crore in Q1 June 2016 compared with net loss of Rs 50.75 crore in Q1 June 2015. Net sales rose 24% to Rs 236.97 crore in Q1 June 2016 over Q1 June 2015.
Den Networks is one of leading cable TV distribution companies in India.
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