TV Today Network hits lifetime high

The stock rallied 17% in past three days after the RBI said that foreign investors to invest up to 26% in the company.

TV Today Network is trading higher by 4% at Rs 288, extending its past two day’s rally on the BSE, after the Reserve Bank of India (RBI) on Tuesday notified that foreign investors to invest up to 26% in the company.

The stock hit a lifetime high of Rs 298 in intra-day trade on the BSE. It rallied 17% in past three trading sessions from Rs 254 on November 1, compared to 2% decline in the S&P BSE Sensex.

TV Today Network said it has received the notice from the Reserve Bank of India (RBI) dated December 01, 2015 and December 02, 2015 respectively regarding approval for increase in foreign investment limit in the company under portfolio investment scheme (PIS) - Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) to 26%.

Approval for increase in foreign investment limit in TV Today Network under PIS- Non-Resident Indians (NRIs) to 24% provided aggregate foreign investment (composite) will not exceed the maximum permissible limit of 26%, it added.

TV Today Network, a part of India Today group and operates a network of TV news channel. The company comprises four news channels, namely Aaj Tak, Headlines Today, Tez and Dilli Aaj Tak.

Last month, the company’s board approved the telecast of its existing channel "Aaj Tak" on free to Air Platform on DD Free Dish in order to increase the rural viewership.