Why Pritish Nandy Communications share rose 10% in opening trade
Pritish Nandy Communications share price hit upper circuit of 10 per cent for second day after the Chairman Emeritus of Tata Sons acquired a stake in the company through market purchases
BusinessToday.In | March 16, 2021 | Updated 10:34 IST
Pritish Nandy Communications share hit 10% upper circuit
Pritish Nandy Communications shares continued gaining streak for the second straight session on Tuesday on stake buying by Ratan Tata. The stock locked in upper circuit of 10 per cent for second day after the Chairman Emeritus of Tata Sons acquired a stake in the company through market purchases.
Extending previous session rally, Pritish Nandy Communications share price opened higher against previous closing price of Rs 23.50. The stock of the company gained as much as 10 per cent to hit intraday high of Rs 25.85. The market cap of the company surged by 3.4 crore to Rs 37.4 crore, from Rs 34 crore on Monday.
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MUMBAI: Industrialist Ratan Tata has made an eyebrow-raising bet on the producer of Amazon’s hit series ‘Four More Shots Please!’
Ratan Tata, who in his personal capacity has been making bets on technology companies, picked up an undisclosed quantity of shares in the company helmed by the famous film producer and former parliamentarian Pritish Nandy, the company said in an exchange filing.
The announcement triggered a spike in the shares of Pritish Nandy Communications, which were locked in their 10 per cent upper circuit limit of Rs 23.55 on the National Stock Exchange.
The media and entertainment company is known for hits such as ‘Chameli’, ‘Kaante’ and ‘Jhankaar Beats’. Recently, the entertainment content producer hit jackpot with its first over-the-top streaming production ‘Four More Shots Please!’.