HT Media rallies 7% as Jhunjhunwala buys 15 lakh shares

NEW DELHI: HT Media Ltd extended gains on Monday, by rallying as much as 6.8 per cent in trade on reports that Rakesh Jhunjhunwala of Rare Enterprises picked up 15 lakh shares for nearly Rs 11 crore through open market route on Friday.

At 09:20 a.m.; HT Media pared some of the morning gains but was trading 2.4 per cent higher at Rs 79.35. It hit a low of Rs 79.30 and a high of Rs 82.80 in trade today.

Rare Enterprises has bought the company's scrips on an average price of Rs 71.25 apiece, valuing the transaction at Rs 10.69 crore, as per bulk deal data available with BSE.

However, the seller(s) of the shares could not be ascertained immediately. The billionaire investor owns stake in a dozen listed companies.

HT Media had reported a consolidated net profit of Rs 67.02 crore as for the third quarter ended December 31, 2013.

Consolidated net sales during the quarter under review stood at Rs 573.04 crore.