On Monday, shares of GTPL Hathway rose by nearly 20 percent on Monday to hit an intraday high of Rs 92.50 apiece on NSE. The stock has gained 72.7 percent in the last three trading sessions after the company reported better than expected financial results for the first quarter of 2019-20.
It closed at Rs 53.10 a share on 10 July and has touched the price of Rs 92.50 on Monday.
On 11 July, the digital cable TV and broadband service provider reported a 121 percent increase in consolidated profit to Rs 29.4 crore, while its consolidated revenue rose by 50 percent to Rs 454.30 crore during the April-June period.
It was the company's first full quarter with New Tariff Order (NTO) that saw a significant rise in subscription revenue which grew by 47 percent on a year-on-year basis.
Bloomberg data showed that the stock was trading almost 18 times its 20-day average on Monday.
GTPL Hathway major market is Gujarat where it is the largest MSO (multiple system operators) with a 67 percent share of the Cable TV market. It also provides digital cable TV services to 8 million an estimated 8 million households in over 500 cities across India including towns in Maharashtra, Rajasthan, West Bengal, Jharkhand, Bihar, Madhya Pradesh, Andhra Pradesh, Telangana, Goa and Assam, according to its company website.