Amid Mukesh Ambani-led Reliance Industries’ stake buy reports, shares of Hathway, DEN up nearly 8%

By: | Published: October 16, 2018 12:14 PM

The shares of Hathway Cable and DEN Networks surged nearly 8 percent from the previous close in intraday trade on BSE amid media reports that Mukesh Ambani’s Reliance Industries (RIL) may takeover controlling stakes in the country’s largest cable TV and broadband service providers.

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The shares of Hathway Cable and DEN Networks surged nearly 8 percent from the previous close in intraday trade on BSE amid media reports that Mukesh Ambani’s Reliance Industries (RIL) may takeover controlling stakes in the country’s largest cable TV and broadband service providers.

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While the shares of Hathway Cable & Datacom Ltd were trading at Rs 29.85 up 3.11 Den Networks Ltd stock was at Rs 75.95 up 0.40 percent at the time of reporting. Earlier in the morning trade, the shares of cable TV and broadband service providers Hathway Cable & Datacom and DEN Networks Ltd rose 8.16 percent and 7.82 percent, respectively

RIL, the parent company of Reliance Jio, owned by India’s richest man Mukesh Ambani, had unveiled its fibre broadband system JioGigaFiber in July in a push to make deeper inroads into the country’s wireless and fixed-line internet industry. Earlier on October 4, 2018, the shares of Hathway climbed to a 3-month high on media reports saying that RIL is in talks to buy the company. However, both companies declined to comment on speculation at that time.

In its 41st AGM, RIL had announced the launch of fixed-line broadband services – Jio GigaFiber.

“Jio GigaFiber will provide ultra-high-definition entertainment on large screen TVs, multi-party video conferencing from a living room, voice-activated virtual assistance, virtual reality gaming, digital shopping, and immersive experiences,” Mukesh Ambani had then said at the event.RIL is expected to come out with its September 2018 quarter results on Wednesday, October 17, 2018.

The shares of Reliance Industries Limited are trading at Rs 1145.80 up 0.53 percent at the time of reporting.

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