Balaji Telefilms rallies on heavy volumes, stock soars 17%

A combined 2.32 million shares have changed hands on the counter so far on the NSE and BSE.

Balaji Telefilms has rallied 17% to Rs 58.35 on back of huge volumes on the National Stock Exchange.

The stock opened at Rs 50 and has seen a combined five-fold jump in trading volumes. As many as 2.32 million shares changed hands on the counter so far against an average around 400,000 shares that were traded daily on the NSE and BSE.

The stock of broadcasting and cable TV operator trading at its two-year high, has rallied 46% in past one month on reports that STAR India may sell its holding in the company to its promoters. The benchmark indices have gained around 8% each during the same period.

STAR India, the broadcaster had bought the 25.99% stake in the company in 2004. Balaji Telefilms promoters include yesteryear screen idol Jeetendra, his wife Shobha Kapoor and other family members. The company is overseen by Jeetendra's daughter Ekta Kapoor