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

Shares of cable television companies Den Networks and Hathway Cable & Datacom rallied by upto 13% on BSE in otherwise weak market on back of 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.

The Exchange has sought clarification from Den Networks Ltd on September 27, 2017 with reference to news appeared in www.economicstimes.com dated September 27, 2017 quoting "Reliance Industries in talks to acquire Den Networks 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, Den Networks 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 Den Networks 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.

Hathway Cable & Datacom 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.