NDTV share hits upper circuit of 10% for third straight session

Shares of New Delhi Television Ltd (NDTV) were locked in upper circuit of 10% for the third straight session today, amid reports of buyout by Adani Group. However NDTV has denied any such development.

NDTV share hit a fresh 52 week high of Rs.96.35 today, rising 9.99% against previous close of Rs 87.60 on BSE. The stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

 The stock opened with a gain of 9.59% at Rs 96 against previous close of Rs 87.60. The micro cap stock has gained 33% in the last 3 days.

Market cap of the media firm rose to Rs 621.18 crore on BSE. Total 0.41 lakh shares of the firm changed hands amounting to turnover of Rs 39.59 crore.

The share hit 52 week low of Rs 27.20 on October 28, 2020.

 Ruling out reports of Adani Group acquiring NDTV, the media firm said, "Founder-Promoters of  the  New  Delhi  Television Limited ("NDTV/the Company"),  Radhika and  Prannoy  Roy,  are  not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake  in  NDTV.  They  individually  and  through  their  company,  RRPR  Holding  Private  Limited, continue to hold 61.45% of the total paid-up share capital of NDTV. "

Commenting on the meteoric rise in share of the company, NDTV said it has no information on why there is a sudden surge in the stock price. 

Meanwhile, buoyed by the gain in Zee Entertainment share and other scrips, Nifty Media index zoomed 11.48% to Rs 2,164 against previous close of Rs 1,941.