Reliance Industries Ltd (RIL) slipped in share price at its intraday low at Rs.1,461.10 as the conglomerate announces consolidation of media and distribution business.
RIL on Tuesday announced a consolidation of its media & distribution Biz spread across multiple entities into Network18 Media & Investments Ltd. The scheme of merger is aimed at making Network18 Media, the biggest integrated media entity with revenue of about Rs.8000-Cr.
This scheme of merger of media & distribution business of RIL involves Den networks Ltd, Network18 Media & Investments Ltd, Hathway Cable & Datacom Ltd and TV18 Broadcast Ltd. Further, the integration of cable businesses of Den-Net work and Hathway Cable-Datacom is expected to leverage the overall strength of the company.
With respect to the development, the shares of Network18 Media gained 5-percent, TV18 Broadcast rose 14-pc, Den Networks advanced 10-pc and Hathway Cables Datacom gained 20-pc on NSE, during mid-session a 1.15-pm.Get more information Nifty trading tips visit our website.
On the other-hand, Share of Reliance Industries slipped near 1 percent lower at Rs.1,463.75-per share on the NSE.
In comparison, the Sensex traded lower by 406 points at 40649 and the Nifty slipped by 123 points at 11922-mark.