Mumbai: Shares of broadcaster Raj Television Network Ltd on Tuesday touched an all-time high of Rs288.30 per share on the Bombay Stock Exchange (BSE) after it announced the launch of a Tamil entertainment channel.
After opening at Rs264.95, M. Rajendran-promoted Raj TV’s scrip shot up to its intra-day high of Rs288.30 as it hit the upper circuit limit—rising Rs26.10, or 10%.
The counter witnessed heavy volumes with over 12 lakh shares exchanging hands, latest data on BSE show.
The company’s shares earlier went up by 10% on 16 May, after hitting the 20% circuit filter on 15 May when it gained Rs37.40 per share.
The new channel has been named Kalaignar, as Dravida Munnetra Kazhagam (DMK) patriarch and Tamil Nadu chief minister M. Karunanidhi is popularly called.
DMK’s party symbol ‘rising sun’ is expected to be the logo of the soon-to-be-launched channel.
Meanwhile, shares of Kalanidhi Maran’s Sun TV fell by more than 8%, or Rs 121, to touch an intra-day low of Rs1,350, following a rift between the Maran family and Karunanidhi. The company has seen a steady erosion of its market capitalization which stood at Rs9,331 crore, and the closing price of Rs1,354.55.
This represents an 18% loss, or over Rs2,030 crore, in market capitalization since the scrip closed at Rs1649.55 on 23 April.