The share price of TV 18 zoomed up to its day's high of Rs 115 after the company announced that it is planning to hike the limit on foreign portfolio investment to 49 per cent.
The shares of the television content provider soared 13.55 per cent to close at Rs 113.25 with a volume of 4.25 lakh shares on the Bombay Stock Exchange.
As on September 2001, the promoters hold 25.88 per cent, mutual funds and UTI combined hold 15.53 per cent, foreign institutional investors hold 4.67 per cent, banks / financial institutions / insurance companies hold 1.74 per cent, while the public holding is 28.83 per cent. The balance is held by private corporate bodies, trusts, non resident Indians and overseas corporate bodies.
For the quarter ended 30 Sep 2001, the company posted a net profit of Rs 1.36 crore compared to a loss of Rs 6.52 crore in the corresponding period last year. Net sales rose marginally by 2.1 per cent to Rs 8.20 crore from Rs 8.03 crore in SQ 2000.
TV 18 jointly with CNBC Asia operate a business channel-- CNBC India. TV 18 has reduced its dependence on entertainment programming as a part of its strategy to focus on business programming (CNBC India) during the last year.
In the last 15 sessions, the scrip of the company has rose by 55.2 per cent to Rs 99.58 on December 4 from Rs 64.30 on November 7. Volumes have also increased to 3.43 lakh from 1.04 lakh during the same period.