Why Pritish Nandy Communications share rose 10% in opening trade

Pritish Nandy Communications shares continued gaining streak for the second straight session on Tuesday on stake buying by Ratan Tata. The stock locked in upper circuit of 10 per cent for second day after the Chairman Emeritus of Tata Sons acquired a stake in the company through market purchases.

Extending previous session rally, Pritish Nandy Communications share price opened higher against previous closing price of Rs 23.50. The stock of the company gained as much as 10 per cent to hit intraday high of Rs 25.85. The market cap of the company surged by 3.4 crore to Rs 37.4 crore, from Rs 34 crore on Monday.

In a similar trend, Pritish Nandy shares hit 10 per cent upper circuit at Rs 25.90 on the National Stock Exchange.

"Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week," the company said in a BSE filing on Monday.

Ratan Tata has invested in several start-ups and technology companies over the years. He has funded around 25 startups, which includes Tork Motors, Snapdeal, Cure.fit, Paytm, Ola, among others.

Founded by Pritish Nandy, Pritish Nandy Communications was one of the first media and entertainment companies to go public in 2000, when it listed on BSE and NSE. Well known global funds like Soros, Oppenheimer, Alliance and Lloyd George hold PNC stock.

Meanwhile, the BSE Sensex opened 196 points or 0.39 per cent higher at 50,591, and the NSE Nifty was quoting at 14,994, up by 64 points or by 0.43 per cent in opening trade.

Also read: Pritish Nandy Communications shares hits 10% upper circuit on acquisition of stake by Ratan Tata

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