NDTV shares up 36% in 2 days; company clarifies on stock price rise

Shares of NDTV Ltd continued to soar for the second consecutive session in Wednesday's trade. The stock surged 15.01 per cent to hit a day high of Rs 306.55 over its previous close of Rs 266.55. At today's high price of Rs 306.55, the scrip has gained 36.18 per cent in just two days. However, it has slipped over 14 per cent on a year-to-date (YTD) basis.

The counter witnessed heaving trading volumes today as well. On BSE, around 9.18 lakh were last seen changing hands. The figure was way more than the two-week average volume of 2.71 lakh shares. Turnover on the counter came at Rs 26.80 crore, commanding a market capitalisation (m-cap) of Rs 1,887.40 crore. There were 7,84,440 sell orders against buy orders of 95,360 shares.

Exchanges BSE and NSE sought clarification from the company on the increase in share price. NDTV, in reply, said, "We would like to submit that the company is unaware of any reason for the increase in volume of shares traded on the stock exchanges, nor is it withholding any information which could influence the volume or price of the shares of the company."

We will ensure stock exchanges are duly informed of all the information or announcements required to be disclosed under applicable regulations, it added.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 85.22. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 199.36 against a price-to-book (P/B) value of 4.60. The scrip has a one-year beta of 0.9, indicating low volatility.

As of September 2023 quarter, promoters held 69.71 per cent stake in the company.

Separately, all listed Adani Group stock -- including NDTV -- have logged decent gains after it was reported that the US government found short-seller Hindenburg Research's allegations of corporate fraud against Indian billionaire Gautam Adani "irrelevant".

Adani stocks saw a massive wealth erosion following a scathing attack by the US-based short seller earlier this year. Some of the conglomerate's shares have regained their lost ground while a few are still in process of recovering from the said drop.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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