Network 18 Media Investments' shares climbed over 14% in early trade today after media reports suggested that Japan's Sony Corp was in talks to buy stake in the company or a merger of its own business in India with Network18 's entertainment channels.
Network 18 Media Investments share price, opened with a gain of 5.23% today and rose 14.44% to the day's high of Rs 31.70, against the previous closing price of Rs 27.70. Network 18 share price is trading higher than its 5, 20, 50, 100-day moving averages and moved above its 200-day simple moving average today.
The share price currently trades 10.7 points lower from its 52-week high of Rs 42.40 on the BSE. Market depth data on BSE suggests 61% buying against 39% selling on the current stock value. Volume-wise, 3.3 lakh shares and 44 lakh shares traded on BSE and NSE counters.
Meanwhile, shares of TV18 Broadcast Ltd, the broadcast arm of the Network 18 group, were up 5.8% intraday at Rs 24.50
Reliance Industries share price too climbed to Rs 1,569.60, rising 2.1% intraday against the last close of Rs 1537.25 and trades mere 1.39% away from the 52-week high of Rs 1571.85. Mukesh Ambani owned-Reliance Industries (RIL), through a network of subsidiaries, owns a controlling stake in Network 18 Media Investments.
"Our company evaluates various opportunities on an ongoing basis," Network18 said in a BSE filing.
"We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges," it added.
While Sony operates in India through its Sony Pictures Networks India, Network18's channel portfolio comprises VH1, MTV, Nickelodeon, CNBC TV18 and news portals such as Firstpost and Moneycontrol.