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Wednesday, October 6, 2010

Reliance MediaWorks - Disney Rumours Move Stock Up By 37%

Anil Ambani-promoted Reliance MediaWorks catches the eye of many traders and investors due to an insane upsurge in stock price, jumping 37 per cent on the BSE, as rumours spread that Disney would be picking up a strategic stake in the company.

The total traded quantity of Reliance Mediaworks stood at 8.12 million shares on the BSE.

The shares of the company closed at Rs 292.95, up Rs 79.05 or 36.96 per cent over the previous close. The scrip touched an intra day high of Rs 299.40 after opening at the day's low of Rs 212.75.

The scrip gathered steam as market rumours spread that Disney would be picking up a minority stake in the company. Disney already holds a majority stake in UTV Software Communications.

Reliance MediaWorks operates in three segments: theatrical exhibition; film production and distribution; and film processing facilities and formerly was known as Adlabs Films.

Officials at Reliance MediaWorks was not available to comment on such rumours on market speculations.