Network 18 is a huge gainer today, rising over 19% to Rs.30.60, just 20 paise short of hitting the UC at Rs.30.80, outperforming the sector by 14%. Volumes have jumped up 10 times.
The stock is up on unconfirmed news that Japanese Sony Corp. is in talks to acquire a stake in this Mukesh Ambani controlled television network.
Currently, Sony is said to be conducting due diligence on Network18 before any possible offer.
It is said to be exploring the option of bidding for the company itself or merger of its own Indian business with Network18’s entertainment channels.