Shares of Reliance Group companies (Network18 Media & Investments and TV18 Broadcast) fell as much as 19 percent due to the BSE in intraday trading on Thursday amid heavy volumes. Investors reported gains in the shares of the two companies after Reliance and Viacom18 announced their partnership with Bodhi Tree Systems.
Network18 Media tumbled 19 per cent to Rs 92.40 amid a 2.5-fold increase in trading volumes. A combined total of around 25 million equity shares had changed hands in NSE and BSE at the time of writing. Meanwhile, TV18 Broadcast fell 17 per cent to Rs 62 on the BSE in intraday trading. Trading volumes quadrupled with a combined 148 million equity shares changing hands in NSE and BSE.
As of 13:54, these stocks are down 15% and 13%, respectively. By comparison, the S&P BSE Sensex rose 1.4 percent to a level of 57,007.
That said, despite today’s sharp drop, TV18 Broadcast (up 58 percent) and Network18 Media (up 26 percent) have outperformed Sensex over the past six months, which fell 4 percent over the same period. period.
Meanwhile, Reliance Industries shares hit a new high of Rs 2,839.65, up 2.2 percent from the BSE. Over the past three months, it is up 22 percent versus a 0.73 percent rise in the benchmark index.
Reliance and Viacom18 announced on Wednesday a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch and Uday Shankar’s Lupa Systems, to form one of India’s largest television and digital broadcasting companies.
Bodhi Tree Systems is leading a fundraising with a consortium of investors to invest Rs 13.5 billion rupees in Viacom18, to jointly build India’s leading entertainment platform and pioneer the transformation of the Indian media landscape to a more mainstream approach. of “transmission first”. Viacom18 owns and operates Colors TV’s suite of channels and OTT platform, VOOT. CLICK HERE FOR THE FULL VERSION
Viacom18 Media SA Ltd. is one of India’s fastest growing entertainment networks and a house of iconic brands delivering multi-platform, multi-generational and multi-cultural brand experiences.
TV18, the publicly traded subsidiary of Network18, owns and operates the largest network of 57 channels in India, covering both news and entertainment genres.
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