Hathway Cables surges 7% on FDI reforms boost

NEW DELHI: Shares of Hathway Cables surged over 7 per cent after the NDA government on Tuesday announced a slew of measures to ease FDI norms in the broadcast carriage sector, including an increase in FDI limit to 100 per cent. The announcement led the scrip 7.22 per cent higher to Rs 49.

Friday's rally came on the back of a 9.42 per cent surge that the stock saw in Muhurat trading on the Diwali day. The stock also saw a block deal wherein 4.6 per cent of equity shares changed. The FDI ceiling on broadcast carriage services like teleport, cable services and head-end-in-the-sky (HITS) has been enhanced to 100 per cent, a TOI report said.

Broadcast regulator Trai had recommended the enhanced sectoral caps after extensive discussions with the government and industry in 2013, the report said.