Shares of broadcasting companies surged quite sharply in the afternoon trade today after CNBC-TV18 reported quoting PTI that the government may clear foreign direct investment (FDI) cap in broadcasting services.
The government may also consider a proposal to increase FDI cap to 74% from current 49%. TV18 Broadcast and Network 18 Media rallied 6.5% to Rs 31.65 and 8% to Rs 42, respectively. Entertainment Network India rose 3.7% to Rs 228. TV Today, Zee News, Zee Entertainment and NDTV shot up 6-14%.
(Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group).
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