NDTV rises on its plan of hiving the entertainment business

New Delhi Television is currently trading at Rs 84.40, up by 0.90 points or 1.08% from its previous closing of Rs 83.50 on the BSE.

The scrip opened at Rs 85.40 and has touched a high of Rs 86 with a low of Rs 84.25. So far 69,631 shares were traded on the BSE.

The BSE group ‘B’ TECk sector stock of face value Rs 4 has touched a 52 week high of Rs 482 on June 18, 2008 and a 52 week low of Rs 69 on December 2, 2008.

The BSE TECk index is currently trading at 1,849.56,up by 2.37% from its previous closing.

The scrip price has witnessed positive swings of 4.46% since last week and 15.78% since last month.

Media and entertainment major New Delhi Television (NDTV) has drawn up plans to demerge its news and entertainment business.

In a court-convened meeting of its shareholders on March 24, the company is set to announce plans to hive off its news broadcasting business to NDTV Studios, while its entertainment TV business, NDTV Imagine and NDTV Lifestyle, will continue to stay under New Delhi Television. The entertainment verticals operate under NDTV’s subsidiary, NDTV Networks.

The company further stated that the demerged company, NDTV Studios, which gets an automatic listing, will have three wholly-owned subsidiaries – NDTV News 24X7, NDTV India Plus and NDTV Business. These companies will operate the English (NDTV 24X7), Hindi (NDTV India) and business news channels (NDTV Profit), respectively.

NDTV is also shifting its proposed news, current affairs and infotainment channel for Chennai from Metronation Chennai Television to NDTV Hindu Media. This apart, the company is in the process of launching a local news and infotainment channel in Chennai. This channel would be a joint venture with the publishers of The Hindu newspaper, as a 49% equity partner.