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Hinduja Ventures rises as its arm plan to invest Rs 300 crore in cable distribution business

17 Dec 2013 Evaluate

Hinduja Ventures is currently trading at Rs. 261.50, up by 1.25 points or 0.48% from its previous closing of Rs. 260.25 on the BSE.

The scrip opened at Rs. 265.00 and has touched a high and low of Rs. 265.00 and Rs. 261.50 respectively. So far 611 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 595.00 on 28-Jan-2013 and a 52 week low of Rs. 242.05 on 20-Aug-2013.

Last one week high and low of the scrip stood at Rs. 291.00 and Rs. 254.55 respectively. The current market cap of the company is Rs. 538.55 crore.

The promoters holding in the company stood at 65.70% while Institutions and Non-Institutions held 17.41% and 16.88% respectively.

Grant Investrade, a wholly owned subsidiary of Hinduja Ventures is planning to invest Rs 300 crore in the cable distribution business managed by INCableNet and INDigital in India. Hinduja Ventures is the majority shareholder of IndusInd Media and Communications (IMCL), the cable distribution company of the Hinduja Group. This investment will be used to expand its digital base, improve customer services and consolidate the firm’s position in Phase I and II of digitisation.

With an estimated 8.5 million subscribers across 36 major cities, the company offers over 350 channels in the digital mode. It has a backbone of over 10,000 kms of hybrid fiber optic network through which it also offers broadband services with its national ISP license.

 

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