NDTV Share Price Surged Around 15% Today
The Delhi-based Oswal group is in the process of selling its stake in listed broadcaster New Delhi Television (NDTV). Oswal Group was founded by late businessman Abhey Oswal.
Anil Bhalla, managing director, Oswal Greentech announced that they are in the process of selling and that they will be filling in the details later. On the other hand, NDTV declined to make any comments regarding the sale of their share.
NDTV share price were up by around 15% at Rs 91.65 as the trade proceeded towards its closing on Monday. Near 18 lakhs shares were as of now.
Oswal Greentech owns 9.1 million shares amounting to 14.17% stakes in NDTV as of June 30. It is not yet clear that whether the entire stake is being offloaded on Monday or a portion of it had been sold earlier. At current levels, the stake is estimated at about Rs 82 crore, suggesting a handsome yield on the five-year-old investment. The Oswals, who have interests in petrochemicals, fertilizers and entertainment, bought the 14.2% stake for Rs 24.24 crore in December 2011.
Oswal Greentech acquired the stakes of NDTV from Merrill Lynch Capital Markets and Nomura Capital in a string of bulk deals at Rs 26.60 a share. At the NDTV share price today, Oswals would have made around 3.5 times that amount. The move came five months after the sudden demise of 67-year old Oswal and his wife Aruna Oswal took over the reins of the group.
The last close price of NDTV share price of Rs. 79.90 is near its closest support level of Rs. 74.90, while its closest resistance stood at Rs. 87.95. The scrip opened at Rs. 80.85 and went as high as Rs. 93.80 intraday. It also touched the intraday low of Rs. 80.85. To know more about the stock, check the NDTV share price history page of Dynamic Levels website.