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Den Networks, Hathway Cable gain over 5% on heavy volumes

Den Networks surged 13% to Rs 99.15 on BSE on back of seven-fold jump in trading volumes after media report suggests that Reliance Industries in talks to acquire the company

SI Reporter  |  Mumbai 

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Shares of cable television companies and rallied by upto 13% on BSE in otherwise weak market on back of heavy volumes.

surged 13% to Rs 99.15 on BSE on back of seven-fold jump in trading volumes after media report suggests that in talks to acquire the company.

The Exchange has sought clarification from Ltd on September 27, 2017 with reference to appeared in www.economicstimes.com dated September 27, 2017 quoting "in talks to acquire for a valuation of Rs 2,000 crore," BSE said in a statement.

The reply is awaited, it added.

At 11:09 am, the stock was trading 6% higher at Rs 93.45, as compared to 0.52% decline in the S&P BSE Sensex. A combined 2.83 million shares changed hands on the counter on BSE and NSE so far.

Last week, said it has received National Company Law Tribunal (NCLT) nod for demerger of its broadband undertaking with its wholly owned subsidiary.

“A scheme of arrangement for the demerger of broadband undertaking/internet service provider business of with Skynet Cable Network, a fully-owned subsidiary of company, has been approved by the Hon'ble National Company Law Tribunal (NCLT), company had said in press release.

was up 7% to Rs 31.85, after hitting high of Rs 32.75 on BSE in intra-day trade. The trading volumes on the counter more than doubled with a combined 173,215 shares changed hands on BSE and NSE so far.

First Published: Wed, September 27 2017. 11:18 IST
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