Hathway Cable, TV18 Broadcast surge 20% as RIL to consolidate media biz

For every 100 shares of TV18, Hathway, and Den, their shareholders would get 92, 78, and 191 shares of Network18

Shares of Hathway Cable & Datacom Limited and TV18 Broadcast surged 20 per cent each to Rs 23.10 and Rs 30.10, respectively, on the BSE on Tuesday after Reliance Industries (RIL) announced consolidation of all its media and distribution businesses under one umbrella brand 'Network18'.

Among other stocks, DEN Networks surged 10 per cent to Rs 59.5 and Network18 Media & Investments rose 4.89 per cent to Rs 30.05. On the other hand, Reliance Industries slipped 1 per cent to Rs 1,464. In comparison, the benchmark S&P BSE Sensex was down 0.54 per cent. 

Under the scheme of arrangement, TV18