TV Today Networks rose 8.08% to Rs 274.95 at 10:24 IST on BSE after the central bank allowed foreign investors to invest up to 26% in the company.
Meanwhile, the BSE Sensex was down 26.95 points, or 0.10%, to 26,142.46.
On BSE, so far 1.39 lakh shares were traded in the counter, compared with an average volume of 87,971 shares in the past one quarter.
The stock hit a high of Rs 281 and a low of Rs 261.10 so far during the day. The stock hit a record high of Rs 297 on 5 October 2015. The stock hit a 52-week low of Rs 165.15 on 12 June 2015.
The stock had outperformed the market over the past one month till 1 December 2015, rising 5.67% compared with 1.83% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 21.29% as against Sensex's 1.84% decline.
The small-cap company has an equity capital of Rs 29.82 crore. Face value per share is Rs 5.
The Reserve Bank of India (RBI) notified after market hours yesterday, 1 December 2015, that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 26% of the paid up capital of TV Today Networks under the portfolio investment scheme (PIS).
RBI stated that the company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI added.
FIIs held 0.02% in TV Today Network as on 30 September 2015.
Net profit of TV Today Network rose 84.10% to Rs 24.32 crore on 24.32% rise in net sales to Rs 126.42 crore in Q2 September 2015 over Q2 September 2014.
TV Today Network is engaged in news broadcasting operations. The company is a part of India Today group and operates a network of TV news channel.
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