Reliance Broadcast Network hit an upper circuit limit of 5% at Rs 49.90 at 10:30 IST on BSE ahead of the company's board meeting later today, 18 September 2013, to consider delisting proposal.
The company made the announcement after market hours on Monday, 16 September 2013. The stock hit an upper circuit limit of 5% at Rs 47.55 on Tuesday, 17 September 2013. The stock has risen 10.15% in two trading sessions from Rs 45.30 on Monday, 16 September 2013.
Meanwhile, the BSE Sensex was up 26.76 points, or 0.14%, to 19,830.79.
On BSE, 8,335 shares were traded in the counter compared with average volume of 33,805 shares in the past one quarter.
The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 49.90 so far in the day.
The stock hit a 52-week high of Rs 52.65 on 25 September 2012. The stock hit a record low of Rs 23.30 on 28 March 2013.
The stock had outperformed the market over the past one month till 17 September 2013, rising 15.27% compared with the Sensex's 6.48% rise. The scrip had also outperformed the market in past one quarter, rising 60.64% as against Sensex's 2.47% rise.
The small-cap company has an equity capital of Rs 39.73 crore. Face value per share is Rs 5.
Reliance Broadcast Network's board of directors will meet today, 18 September 2013, to consider delisting of equity shares of the company from the stock exchanges.
On a consolidated basis, Reliance Broadcast Network reported a net loss of Rs 15.76 crore in Q1 June 2013, lesser than the net loss of Rs 28.70 crore in Q1 June 2012. Net sales rose 22% to Rs 57.46 crore in Q1 June 2013 over Q1 June 2012.
Reliance Broadcast Network is a media entertainment conglomerate with play across radio, television, intellectual properties, and television production. It is part of the Anil Dhirubhai Ambani-controlled Reliance Group and specializes in creating and executing integrated media solutions for brands.
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