Rel Media World surges 5 pc on CBS tie-up reports

MUMBAI: Shares of Reliance Media World, part of the Anil Dhirubhai Ambani Group, on Monday hit the upper circuit on the BSE following media reports that it is in talks with the US-based CBS Corporation for a possible joint venture.

Within seconds of opening, the scrip zoomed 4.95 per cent and soon hit the upper trading limit of Rs 50.85 on the BSE. A similar trend was seen on the NSE where the counter finished at Rs 50.90, up 5.06 per cent.

On the volume front, over 58,800 shares changed hands on the two bourses.

The broader market also ended on a positive note, with the BSE benchmark Sensex rising 81 points to 16,944.

According to media reports, Reliance Media World is in advanced stages of discussion with the US media major to launch several television channels in the country.