Ortel Communications surges on launching free broadband for cable TV consumers

The stock surged 18% to Rs 215, also its highest level since its listing on the NSE in March this year.

Shares of Ortel Communications have surged 18% to Rs 215, also the highest level since their listing on the NSE in March this year, after the company announced that it has introduced free broadband offer for its cable TV subscribers.

Ortel has launched complimentary broadband services for all its cable TV customers as a special value-added service in the states of Odisha, West Bengal and Chhattisgarh, Ortel Communications said in a press release.

The offer includes a free data limit every month for a year and the subscriber will be charged a nominal amount for any usage exceeding the free data limit in a month. Another highlight of this plan is unlimited data upload data offer which Ortel Broadband has pioneered.

Ortel Communications is a regional cable television and high speed broadband services provider focused on Odisha, Chhattisgarh, Andhra Pradesh and West Bengal.

In March this year, the company had raised Rs 174 crore by issuing 9.59 million equity shares at price of Rs 181 per share through initial public offer (IPO).

Meanwhile, the counter has seen huge trading volumes with a combined 637,860 shares changed hands as against an average sub-50,000 shares that were traded daily on the NSE and BSE.

At 0938 hours, the stock was up 14% at Rs 208 on the NSE.