Network 18 Media jumps on stake sell hopes
Shares up 2% after slipping in opening deals
Network 18 Media & Investments has jumped in early trades as the company looks on to sell stake in its business directories -Yellow Pages and ASK Me.
This is in line with the company's stated objective of monetising non-core assets profitably. In December, Network18 sold its entire stake in financial data and news terminal business 'NewsWire18' to private equity firm Samara Capital for Rs 90 crore.
Earlier, Network18 had also sold its stake in one of the Capital18 investee companies -- NetworkPlay and then partially diluted its stake in digital commerce firm -- Bookmyshow.Com.
Moreover, CCI has approved a proposed deal between Walt Disney and Network18 group firms, involving combination of their TV channel aggregation business for various distribution platforms.
The stock opened at Rs 34.05 and after touching a low of Rs 33.40 managed to gain 3% to a high of Rs 34.25. The stock is now up 2% at Rs 33.95. Around 17,000 shares have changed hands on the BSE counter so ar, as against a two week daily trade average of 1,68,000 shares.
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