TV Today Network has surged 17% to Rs 63.10 after the company said that Aditya Birla Group agreed to make a financial investment of 27.5% in Living Media India, India Today Group company, through its private investment company.
Living Media acts as a holding company and also owns 57.46% in TV Today Network, the listed company that controls the group's broadcasting assets such as Aaj Tak and Headlines.
"The media sector is a sunrise sector from an investment point of view. I believe that Living Media India offers one of the best opportunities for growth and value creation," said Kumar Mangalam Birla, chairman, Aditya Birla Group.
The Birlas have forked out nearly Rs 350 crore to buy the stake, the report suggests.
As many as a combined around 200,000 shares have changed hands on the counter in morning trades, against an average sub 100,000 shares that were traded daily in past two weeks on the NSE and BSE.
