TV Today Network surged 5.74% to Rs 290.95 at 15:16 IST on BSE, with the stock extending recent rally triggered by Reserve Bank of India relaxing foreign investment ceiling in the company.
Meanwhile, the S&P BSE Sensex was down 235.44 points or 0.91% at 25,651.18.
On BSE, so far 2.71 lakh shares were traded in the counter as against average daily volume of 91,055 shares in the past one quarter.
The stock hit a high of Rs 300 so far during the day, which is a record high for the counter. The stock hit a low of Rs 272.15 so far during the day. The stock had 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 3 December 2015, surging 13.25% compared with Sensex's 2.65% fall. The scrip had also outperformed the market in past one quarter, jumping 28.7% as against Sensex's 0.47% rise.
The small-cap company has equity capital of Rs 29.82 crore. Face value per share is Rs 5.
Shares of TV Today Network have rallied 14.36% in three trading sessions from a recent low of Rs 254.40 on 1 December 2015, after the Reserve Bank of India (RBI) notified on 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 Network 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 said.
FIIs held 0.02% in TV Today Network (as per the shareholding pattern as on 30 September 2015).
TV Today Network's net profit rose 84.1% to Rs 24.32 crore on 24.32% growth 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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