Entertainment Network soars on nod to buy radio stations

Shares of Entertainment Network soared 17% to Rs 850, while TV Today Network surged 14% to Rs 242 on the NSE.

Shares of Entertainment Network (India) soared 17% to Rs 850, also their record highs on the NSE, after the company announced that it has received the approval of Ministry of Information and Broadcasting (MIB) to purchase TV Today Network Limited (TVTN)'s four radio stations i.e. radio business in Amritsar, Jodhpur, Patiala and Shimla.

The said purchase shall be subject to fulfilment of conditions specified by the MIB, execution of relevant documents with TVTN and completion of all other relevant formalities, Entertainment Network said in a statement.

At 02:37 PM, the stock was up 13% at Rs 823 on the NSE and has seen a combined 224,347 shares changing hands on the counter on the NSE and BSE.

Shares of TV Today Network too surged nearly 14% to Rs 242 on the NSE. A combined 1.16 million shares changed hands on the counter on the NSE and BSE so far.