Den Networks soars over 40% in one week

Today, the stock surged 16% to Rs 180 on back of heavy volumes on National Stock Exchange.

Den Networks has surged 16% to Rs 180, extending its past four day’s rally, on back of heavy volumes on National Stock Exchange (NSE).

The stock opened at Rs 156 and touched high of Rs 186 on NSE. The trading volumes on the counter more than doubled with a combined 3.22 million shares changed hands till noon hours compared to an average around one million shares that were traded daily in past two weeks on BSE and NSE.

In past one week shares of the cable TV distribution firm rallied 44% from Rs 129 on October 8 against a marginal 0.15% rise in CNX Nifty.

Den Networks also owned Delhi Dynamos Football Club, an Indian Super League football franchise in Delhi that began plays in October 2014.

DEN has recently launched its Broadband service and has also entered into a JV with Snapdeal to launch a TV Shopping channel.

Meanwhile, between September 29 and October 7, the stock had fallen 15% from Rs 149 to Rs 127 after the company said S N Sharma, Chief Executive Officer (CEO) of the company, has resigned due to personal reasons with immediate effect.