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Network18 Media, RCom, GVK Power up 5% on heavy volumes

Network18 Media & Investments, Reliance Communications and GVK Power & Infrastructure have rallied up to 16% on the BSE in intra-day trade on back of heavy volumes

SI Reporter  |  Mumbai 

Network18 Media, RCom, GVK Power up 5% on heavy volume

Shares of Network18 Media & Investments, (RCom) and rallied by up to 16% on the BSE in intra-day trade on back of heavy volumes. The trading volumes on these counter more than doubled as compared to an average trading volumes in past two weeks, the BSE data shows.

was up 8% higher at Rs 16.95, after surging 16% in intra-day trade. The stock hit high of Rs 18.20 in early morning trade after the company on Monday made a comprehensive debt resolution plan to its domestic and foreign Lenders.

"RCom's debt resolution plan envisages no loan write-off by the lenders. will pay off up to Rs 17,000 crore of its debt, out of the proceeds of monetisation of spectrum, towers and fiber and MCN (Media Convergence Nodes) assets," a company statement said here.

"will pay additional Rs 10,000 crore of its debt, out of the proceeds of sales and commercial development of DAKC (Dhirubhai Ambani Knowledge City) and other prime real estate assets across 8-metros. The new will have sustainable and profitable B2B - non mobile business," it added.

It said the company is working closely with SBI Capital Limited, the advisors appointed by the lenders, to run a competitive process in a transparent manner to monetise the spectrum, tower and fiber, MCNs and prime real estate assets.

has locked in upper circuit for the 10th straight trading sessions, up 5% at Rs 18.88, also its 52-week high on the BSE. During the period, the stock zoomed 62% from Rs 11.62 on October 16, 2017. Around 6.85 million already changed hands on the counter and there were pending buy orders for 112,776 shares so far, the exchange data shows.

Last week, on October 25, GVK Power said that Mumbai International Airport Pvt Ltd (MIAL), a subsidiary of the Company, had received a Letter of Award from City & Industrial Development Corporation (CIDCO), the nodal agency of the Government of Maharashtra for the Navi Mumbai International Airport Project. MIAL will hold a 74% stake, while the remaining 26% stake will be with CIDCO.

Network18 Media & Investors rallied 8% to Rs 53.40 on the BSE in intra-day trade. At 12:22 PM; the stock was trading 5.2% higher at Rs 51.80 as compared to 0.13% decline in the S&P BSE Sensex. Around 13.39 million shares representing 1.3% of total equity of the company have already changed hands on the BSE.

Securities Code Securities Name Today's Vol(Lacs) 2 Wk Avg. Vol(Lacs) Volume Change (Times) Turnover
( Rs Cr.)
532798 NETWORK18 134.35 1.94 69.14 66.84
532712 RCOM 91.30 34.83 2.62 15.84
532708 GVKPIL 68.64 27.71 2.48 12.95
534816 INFRATEL 59.14 11.12 5.32 253.56
500049 BEL 30.04 2.05 14.66 56.21
526235 MERCATOR 23.46 7.15 3.28 10.93
515043 SAINTGOBAIN 15.51 5.54 2.80 11.04
500052 BEPL 12.96 4.99 2.60 18.32

First Published: Tue, October 31 2017. 12:40 IST
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