GTPL Hathway jumps after hiking stake in two units

GTPL Hathway rose 4.10% to Rs 163.95 at 9:32 IST on BSE after the company said it will acquire remaining 49% stake in GTPL Surat Telelink and additional 23.5% stake in GTPL Ahmedabad cable network.

The announcement was made after market hours yesterday, 28 December 2017.

Meanwhile, the S&P BSE Sensex was up 109.95 points, or 0.32% to 33,957.98.

On the BSE, 2,089 shares were traded in the counter so far, compared with average daily volumes of 6,715 shares in the past two weeks. The stock had hit a high of Rs 165.30 and a low of Rs 161 so far during the day. The stock hit a record high of Rs 190.30 on 11 July 2017. The stock hit a record low of Rs 126.60 on 24 August 2017.

 

GTPL Hathway said that its board approved acquisition of remaining 49% stake in GTPL Surat Telelink, making it a wholly-owned subsidiary of the company. The board also approved acquisition of further 23.50% stake in GTPL Ahmedabad Cable Network, a subsidiary of the company in which the company presently holds 51% equity shares.

GTPL Hathway's net profit rose 53.1% to Rs 11.77 crore on 22.2% rise in net sales to Rs 181.01 crore in Q2 September 2017 over Q2 September 2016.

GTPL Hathway is a leading regional multi system operator (MSO) in India, offers cable television and broadband services.

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