Den Networks rose 12.59% to Rs 163.25 at 15:13 IST on BSE on reports the company received the Foreign Investment Promotion Board's approval to increase its foreign investment limit from the current 49% to 74%.
Meanwhile, the BSE Sensex was down 10.46 points, or 0.04% %, to 28,435.66.
On BSE, so far 1.80 lakh shares were traded in the counter, compared with an average volume of 20,769 shares in the past one quarter.
The stock hit a high of Rs 166.95 and a low of Rs 146.65 so far during the day. The stock hit a 52-week high of Rs 226.40 on 23 July 2014. The stock hit a 52-week low of Rs 100.10 on 4 February 2015.
The stock had outperformed the market over the past one month till 16 July 2015, rising 7.09% compared with 6.59% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.93% as against Sensex's 0.77% fall.
The small-cap cable TV distributor and multi system operator (MSO) has an equity capital of Rs 178.20 crore. Face value per share is Rs 10.
As on 30 June 2015, foreign portfolio investors held 22.18% in the company. According to reports, Den Networks is working on building its broadband base and digitisation of Phase III and IV areas.
In March 2015, the company's board of directors had approved the proposal to increase its foreign investment limit. The decision received shareholders' approval through postal ballot last month.
On a consolidated basis, Den Networks reported net loss of Rs 62.08 crore in Q4 March 2015 as against net profit of Rs 10.05 crore in Q4 March 2014. Net sales declined 11.83% to Rs 261.66 crore in Q4 March 2015 over Q4 March 2014.
Den Networks is India's leading cable TV distribution company reaching an estimated 13 million households in over 200 cities across 13 key states in India.
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