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Hinduja Ventures gains on getting nod to invest Rs 300 crore in IMCL

28 Feb 2014 Evaluate

Hinduja Ventures is currently trading at Rs. 265.25, up by 1.00 points or 0.38 % from its previous closing of Rs. 264.25 on the BSE.

The scrip opened at Rs. 269.25 and has touched a high and low of Rs. 269.30 and Rs. 265.25 respectively. So far 582 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 495.00 on 28-Feb-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. 269.90 and Rs. 260.50 respectively. The current market cap of the company is Rs. 545.23 crore.

The promoters holding in the company stood at 65.70 % while Institutions and Non-Institutions held 16.04 % and 18.25 % respectively.

Hinduja Ventures has received an approval for investment of up to Rs 2 crore in Grant Investrade, a wholly owned subsidiary of the company. The board of directors at its meeting held on February 26, 2014 has approved for the same.

The board of directors has also reviewed the performance of one of its subsidiary, Induslnd Media and Communications (IMCL) and reiterated its earlier decision to invest Rs 300 crore in the subsidiary company either directly or through its subsidiary.

The capital infusion is happening to take advantage of opportunities thrown up by digital conversion from analogue transmission as mandated by Information and Broadcasting Ministry, Government of India. Phase I and Phase II of the Digital Addressable System (DAS) have already been completed and several consolidation opportunities are coming up in the digital environment in various phases. The capital will be used to expand the digital base of IMCL and to improve customer services.

Hinduja Ventures is the holding company of one of India’s largest integrated media companies ‘IMCL’. With an estimated 8.5 million subscribers across 36 major cities, the company offers over 350 channels in the digital mode.

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