Hathway Cable, Den Networks hit 52-week high

Hathway Cable soared 12% to Rs 223 and Den Networks by 7% at Rs 137 on back of over five-fold jump in trading volumes.

Shares of cable operators Den Networks and Hathway Cable and Datacom have rallied more than 6% each and are currently trading at their 52-week highs on back of heavy volumes on the Bombay Stock Exchange.

Hathway Cable and Datacom has soared 12% to Rs 223 on back of over five-fold jump in trading volumes. A combined 1.93 million shares have already changed hands on the counter so far, against an average of less than 350,000 shares that were traded daily in past two weeks.

Den Networks has surged almost 7% to Rs 137 with a combined 2.24 million shares having changed hands on the counter on the NSE and BSE.

 

According to media reports, the government has ruled out any further extension of the October 31 deadline set for cable digitisation in the four metros - —Mumbai, Delhi, Kolkata and Chennai.

Information and broadcasting secretary Uday Kumar Varma has asked broadcasters, multi-system operators and local cable operators to ensure compliance. In view of the deadline for these four cities, the cable industry has to seed 170,000 boxes a day in the next two months, Varma said.

The original 30 June deadline was moved to 31 October when some constituents of the cable industry sought more time for preparation. Currently, only 50% of Mumbai, 35% of Kolkata, 29% of Delhi and 12.4% of Chennai have been digitized, according to statistics compiled by the government.