Siti Cable Network shares surged as much as 7.56 per cent on Tuesday on reports that Bioscope Cinemas has proposed to acquire up to 2,91,57,417 shares of the company on June 27 or any day thereafter within a period of 90 days by way of on-market inter-se transfer of shares amongst the promoter group.
At 2.06 pm, shares of Siti Cable Network were trading 5.14 per cent up at Rs 38.90. The scrip opened at Rs 38.40 and has touched a high and low of Rs 39.80 and Rs 38.25, respectively, in trade so far. Later, the share price of the company closed 2.84 per cent up at Rs 38.05.
FDI push from government also supported market sentiments on Tuesday. The government on Monday permitted 100 per cent FDI under automatic route in several wings of the broadcasting carriage services which include teleports, direct-to-home, cable networks, mobile TV and headend-in-the sky broadcasting service.
For the quarter ended March 31, 2016, Siti Cable Network posted net profit of Rs 24.06 crore against net loss of Rs 34.13 crore in the corresponding quarter a year ago.