UTV Soft scrip rises on stake sale buzz

The share price of UTV Software Communications today reached its 52-week high of Rs 888 on the market expectation that the company would shortly attract investments.

The stock closed at Rs 872.60 on BSE, 8.69 per cent higher than yesterday's close of Rs 802.80.

The stock has risen as much as 25.36 per cent on BSE in the last one week.

The stock market was abuzz with speculations that Ronnie Screwvala, the promoter of UTV Software, might invite investors into the broadcasting subsidiary.

If UTV manages to rope in a strategic investor for a good premium in its broadcasting subsidiary, its valuation will go up. A source said an announcement on this line was expected within a fortnight.