Hathway Cable gains after board OKs preferential allotment

Hathway Cable & Datacom rose 1.60% to Rs 305.15 at 9:39 IST on BSE after the company said its board approved raising Rs 150.40 crore through preferential allotment of 47 lakh equity shares to CLSA Global Market PTE at Rs 320 per share.

The company made the announcement after market hours on Wednesday, 10 September 2014.

Meanwhile, the BSE Sensex was up 7.87 points, or 0.03%, to 27,065.28.

On BSE, so far 1,808 shares were traded in the counter, compared with an average volume of 34,335 shares in the past one quarter.

The stock hit a high of Rs 310.85 and a low of Rs 304.50 so far during the day. The stock hit a record high of Rs 368 on 9 June 2014. The stock hit a 52-week low of Rs 221 on 16 April 2014.

The stock had underperformed the market over the past one month till 10 September 2014, rising 4.20% compared with 6.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.78% as against Sensex's 5.76% rise.

The mid-cap company has an equity capital of Rs 152 crore. Face value per share is Rs 10.

The approval of the shareholders for such issuance and allotment will be sought at an extraordinary general meeting (EGM) to be held in the regard, the company said in a statement.

Hathway Cable & Datacom reported net loss of Rs 0.92 crore in Q1 June 2014 as against net profit of Rs 5.32 crore in Q1 June 2013. Net sales rose 7.66% to Rs 249.58 crore in Q1 June 2014 over Q1 June 2013.

Hathway Cable & Datacom is one of the largest multi system operator (MSO) and cable broadband service providers in India. The company's cable operations straddle across key Indian geographies and offers cable television services across 140 cities and towns and high-speed cable broadband services across 21 cities.

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