Shares of Entertainment Network India Ltd (ENIL) surged 5 per cent today as the company's channel Radio Mirchi expanded footprint to 7 new cities by participating in the auction of the first batch of FM Phase III radio channels.
The stock ended the day at Rs 686.05, up 4.49 per cent, on the BSE. During the day, it climbed 9.66 per cent to Rs 720.
On the NSE, shares of the company rose by 5 per cent to Rs 688.35.
Entertainment Network had on Wednesday said Radio Mirchi has expanded its footprint to seven new cities including Chandigarh and Kochi by participating in the auction of the first batch of FM Phase III radio channels. Stock markets were closed yesterday due to a local holiday.
The company has also received permission from the Ministry of Information and Broadcasting to acquire four stations from TV Today Network Ltd - Amritsar, Patiala, Shimla and Jodhpur - which will be re-branded as Mirchi shortly, ENIL had said in a regulatory filing on Wednesday.
ENIL is promoted by Bennett, Coleman & Co Ltd, which publishes the dailies like Times of India, Economic Times and Navbharat Times.
With these 11 stations, the core Mirchi brand will now be available in 43 cities, the company said.
