Videocon Industries has rallied 7% to Rs 200 on back of heavy volumes, on reports that the company’ satellite TV arm and direct to home service provider Videocon d2h is likely to go ahead with its proposed public float (IPO) plan this financial year.
The company had received the permission from market regulator Sebi in March 2013 for its proposed Rs 700-crore IPO but did not launch the same due to bad market conditions, the PTI report suggests.
The stock opened at Rs 190 and hit a high of Rs 203 on National Stock Exchange. The trading volume on the counter surged more than three fold. A combined nearly one million shares already changed hands in first half-and-hour of trading as against an average less than 400,000 shares that were traded daily in past two weeks on NSE and BSE.
The company had received the permission from market regulator Sebi in March 2013 for its proposed Rs 700-crore IPO but did not launch the same due to bad market conditions, the PTI report suggests.
The stock opened at Rs 190 and hit a high of Rs 203 on National Stock Exchange. The trading volume on the counter surged more than three fold. A combined nearly one million shares already changed hands in first half-and-hour of trading as against an average less than 400,000 shares that were traded daily in past two weeks on NSE and BSE.
