Sambhaav Media surges 20%, wins FM radio channels for 13 cities

Sambhaav Media share locked at 20 percent upper circuit as it has won FM radio channels for 13 cities of Gujarat and Jammu and Kashmir.The company won FM Radio channels for 13 cities, through e-auction undertaken by the Ministry of Information and Broadcasting (MIB) for second batch of private FM Radio phase - III channels.The cities include Bhavnagar, Jamnagar, Bharuch, Godhara, Mehsana, Veraval, Porbandar, Junagadh of Gujarat and Poonch, Leh, Bhaderwah, Kargil, and Kathua of Jammu & Kashmir.Kiran B Vadodaria, CMD of Sambhaav Media said, "This achievement is in line with long term business strategy of the company to transform into electronic and digital media that offers a promising future.""With this the company expands operations geographically in Northern India too. We believe FM Radio Business will create value for the stakeholders in the long run," he added.At 10:22 hrs Sambhaav Media was quoting at Rs 7.02, up Rs 1.17, or 20 percent on the BSE.There were pending buy orders of 145,894 shares, with no sellers available.Posted by Rakesh Patil