Siti Cable Network gains on 100% FDI via automatic route

The government has allowed 100% FDI via automatic route for teleports, direct-to-home, cable networks, mobile TV and head-in-the-sky (HITS)

Shares of Siti Cable Network were up nearly 4% at Rs 38.35 on the Bombay Stock Exchange after the government allowed 100% foreign direct investment for the broadcasting sector comprising of teleports, direct-to-home, cable networks, mobile TV and head-in-the-sky (HITS). (For detailed report please click here)

The move to allow 100% FDI for select broadcasting sectors will help improve infrastructure and also aid expansion and reach especially in the rural areas.

The stock opened at Rs 38.40 and touched a high of Rs 39.80. At 11:10am, over 940,000 shares were traded on both the stock exchanges.

Meanwhile, its peer Den Netowrks was trading 2% lower at Rs 89.40 on the BSE.