NDTV Shares Continue, To Gain; Hit Upper Circuit Limit

Shares of New Delhi Television Ltd (NDTV) hit the upper circuit limit for the third straight day on Friday and climbed 5 per cent. The company's shares have been rising after Adani group's hostile takeover bid with the announcement of an open offer on Tuesday to acquire an additional 26 per cent stake. The scrip opened at Rs 423.85, hitting its highest trading permissible limit for the day as well as the fresh 52-week high level, on BSE.

This was a 5 per cent increase compared to Thursday's closing level of Rs 403.70 apiece. On NSE too, the company's shares climbed 5 per cent to reach the upper circuit limit of Rs 427.95, which was also its 52-week high on the bourse, after opening at Rs 421.90. In three days, the company's market valuation has rallied by Rs 371.68 crore to Rs 2,732.61 crore on BSE. In the broader market, the BSE Sensex climbed 59.15 points or 0.10 per cent to settle at 58,833.87.

The NSE Nifty advanced 36.45 points or 0.21 per cent to end at 17,558.90. On Tuesday, Adani group launched the open offer after an indirect acquisition of 29.18 per cent shareholding in NDTV. However, NDTV has said that markets regulator Sebi's approval is "necessary" for Adani group firm Vishvapradhan Commercial Private Ltd (VCPL) to acquire interests in the company's promoter entity RRPR Holding Pvt Ltd. PTI RAM SUM SHW