TV Today Network hits record high on heavy volumes

The stock surged nearly 12% to Rs 269, also its record high on the National Stock Exchange.

Shares of TV Today Network has surged nearly 12% to Rs 269, also its record high on the National Stock Exchange (NSE), on back of heavy volumes.

The trading volumes on the counter jumped more than five-fold with a combined 1.39 million shares representing 2.32% of total equity of TV Today Network have changed hands on the NSE and BSE so far.

The shareholders of the TV Today Network, which runs the Hindi news channel Aaj Tak and English news channel India Today Television, have approved to increase the foreign direct investment (FDI) limit in the company up to 26%.

“Resolved that subject to approval of the Foreign Investment Promotion Board (FIPB), the consent be and is hereby accorded for increasing the limits of foreign investment by FPI (Foreign Portfolio Investor) and FIIs (foreign institutional investors) up to 26% and by NRIs (non-resident Indians) up to 24% of the paid up capital of the company, under the Portfolio Investment Scheme (PIS) of FEMA Regulations 2000,” as per AGM minutes filed by the company on August 24.

According to shareholding pattern as of June 2015, TV Today Network does not have holdings by any FIIs. TV Today’s mother company Living Media India has a 56.92% stake in the company, whereas TV Today Network managing director Aroon Purie owns 0.49%, which together totals to 57.42%. The remaining 42.58% is held by various mutual funds, financial institutions, insurance companies, individuals, trusts and NRIs (Non Resident Indians) amongst others.

At 12:36 pm, the stock was up 10% at Rs 265 on the NSE.