Reliance stock trade lower after mega-merger of media biz


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.

Please follow and like us: