 "Den Networks, Hathway Cable extends rally on FDI reforms")
Shares of direct-to-home (DTH) companies including Den Networks, Hathway Cable & Datacom and Dish TV extended rally for the second straight day after the government hiked foreign direct investment (FDI) limit in various segments for the broadcasting industry and even completely removed barriers in some verticals on Tuesday.
In the media space, direct-to-home (DTH) companies and cable operator companies can now draw 100% FDI. Earlier, the FDI limit for the cable and DTH sector was 74% - 49% through the direct route and with government approval beyond that.
FDI limit for uplinking of news and current affairs for television channels has been increased from 26% cent to 49%, providing an opportunity for many cash-strapped news networks to raise funds.
Den Networks, Hathway Cable & Datacom and Dish TV are gaining between 1-5 % on the BSE in an otherwise subdued market.
