TV Today Network touches 52-week low of Rs 249.10, down 5 per cent on the NSE in early morning trade after the company said it would not sell its three radio FM stations to Entertainment Network India Ltd (ENIL) and would reorganize the radio business.
TV Today Network’s statement read that the Committee of Senior Officers in their meeting held on December 19, 2016 has given the approval for the intimation of procedural modalities w.r.t proposal of migrating its Radio business from Phase-II to the FM Radio Phase III, that would enable the company for re organization of its Radio business in accordance with the approval accorded by the Board of Directors.
As a result, the company shall not undertake the agreement to sell, which was entered into with ENIL, for the sale of the three Metro FM Radio stations as was earlier approved by the board in its meeting held on November 13, 2015.
As a result, the company shall not undertake the agreement to sell, which was entered into with ENIL, for the sale of the three Metro FM Radio stations as was earlier approved by the board in its meeting held on November 13, 2015.
The company has suggested"grant of permission agreement for the migration of the three FM Radio stations to phase III" if it gets MIB nod for that."The migration fee will include a total net capital expenditure of Rs 71.36 crore excluding other charges/interest and will be completed within 3 months.
At 1.48 pm; TV Today share price is down 2 per cent at Rs 257 on the NSE. Around 1,60,214 shares changed hands on the counter on the NSE with a traded value of Rs. 407.49.
TV Today is one of the Top 500 performing stocks for this quarter as identified by Dynamic Levels, owing to its strong fundamentals. TV Today is fundamentally strong and is safe for investment, as per Dynamic analysts.
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