GTPL Hathway gains after RBI raises FPIs investment limit

GTPL Hathway rose 2.60% to Rs 132 at 11:05 IST on BSE after the central bank raised foreign investment limit in the company to 49% from 24% earlier.

Meanwhile, the S&P BSE Sensex was up 22.84 points, or 0.07% to 31,685.58.

On the BSE, 16,000 shares were traded in the counter so far, compared with average daily volumes of 15,000 shares in the past two weeks. The stock had hit a high of Rs 134 and a low of Rs 130.50 so far during the day. The stock hit a record high of Rs 190.30 on 11 July 2017. The stock hit a record low of Rs 126.60 on 24 August 2017.

The stock had underperformed the market over the past one month till 7 September 2017, falling 10.57% compared with 0.42% decline in the Sensex.

Shares of GTPL Hathway were listed on the stock exchanges on 4 July 2017. The stock debuted on a flat note at Rs 170 compared with the initial public offer (IPO) price of Rs 170. On that day, it settled at Rs 171.65 on BSE, a premium of 0.97% over the IPO price of Rs 170.

The small-cap company has equity capital of Rs 112.46 crore. Face value per share is Rs 10.

The Reserve Bank of India notified after market hours yesterday, 7 August 2017, that the Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in GTPL Hathway has increased from 24% to 49% of its paid up capital.

Net profit of GTPL Hathway rose 86% to Rs 14.84 crore on 23.24% rise in net sales to Rs 174.42 crore in Q1 June 2017 over Q1 June 2016.

GTPL Hathway is a leading regional multi system operator (MSO) in India, offers cable television and broadband services.

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