Tata Metaliks, Raj Television soar over 50% in one week

Tata Metaliks zoomed 74%, while Raj Television Network surged 62% on the BSE in the past five trading sessions

Shares of Tata Metaliks (74%) & Raj Television Network (62%) rallied by more than 50% in past five trading sessions in an otherwise subdued market on the back of positive developments. The S&P BSE Sensex has fallen 0.20% thus far during the current week.

Tata Metaliks is locked in the upper circuit for a fourth straight day, up 10% at Rs 204 after the company announced on Tuesday the withdrawal of the scheme of amalgamation of the company and its subsidiary Tata Metaliks DI Pipes with Tata Steel.

The scheme was earlier recommended by the board of directors in April 2013. In terms of the scheme, the swap ratio for public shareholders was 4 shares of Tata Steel for every 29 held in Tata Metaliks.

Tata Metaliks said that the company is filing for fresh scheme of amalgamation of Tata Metaliks DI Pipes with the company.

In past one-week, the stock zoomed 74% from Rs 117 quoted on May 13. It currently trading nears to its all-time high of Rs 224 touched on January 1, 2008 on the BSE during intra-day trade.

Till 12:03 pm, a combined 231,831 shares changed hands and there were pending buy orders for 1.98 million on the BSE and NSE.

Raj Television Network surged 18% to Rs 86.70, extending its Thursday’s 20% rally on the BSE, after Jayalalithaa's All India Anna Dravida Munnetra Kazhagam (AIADMK) retain power in Tamil Nadu. The stock soared 62% in past one week from Rs 53.55.

Meanwhile, Kiran Kumar.M., an individual shareholder increases his stake in the company through open market purchases.

On May 6, 2016, Kiran Kumar.M., had bought an additional 140,000 shares of Raj Television Network via open market. Post acquisition, his holding in the company increased to 9.23% from 8.97% earlier.

Kiran Kumar. M. (7.88%), Hema Kiran Kumar (1.56%) and Sangeetha (2.44%) collectively held 11.8% stake in Raj Television Network as of March 31, 2016.