NDTV soars on buzz of buyout by Adani Group

New Delhi Television (NDTV) hit an upper circuit limit of 10% at Rs 79.65 amid media reports that Adani Group may acquire the media company.

The media reports indicated that Adani Group is looking to acquire a Delhi-based media house, which many speculate to be NDTV.

Adani Group recently appointed veteran journalist Sanjay Pugalia as the CEO and editor in chief to lead the media initiatives of the group. Pugalia was more recently the president at Quint Digital Media.

Following the market rumors, NDTV clarified to the bourses today that the founder-promoters of NDTV, Radhika and Prannoy Roy, who are both journalists, are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV. They individually and through their company, RRPR Holding, continue to hold 61.45% of the total paid-up share capital of NDTV.

"NDTV has no information on why there is a sudden surge in the stock price. As far as your query about the news article is concerned, NDTV cannot control unsubstantiated rumours, nor does it participate in baseless speculation," it added.

In the past one month, the NDTV stock has risen 8.51% as against 5.71% rise in the Sensex. It has jumped 130.54% in the past one year compared with 50.57% surge in the Sensex.

On a consolidated basis, net profit of NDTV rose 132.08% to Rs 15.99 crore on 16.90% rise in net sales to Rs 85.02 crore in Q1 June 2021 over Q1 June 2020.

NDTV is in the business of television media and operates operates channels NDTV 24x7 (English), NDTV India (Hindi) and NDTV Profit-NDTV Prime (business and infotainment). The company's segments include television media and related operations, and retail/e-commerce.

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