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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!’.
Pritish Nandy Communications shares hits 10% upper circuit on acquisition of stake by Ratan Tata
Following the announcement, Pritish Nandy Communications shares gained as much as 9.81 per cent to hit intraday high of Rs 23.50
BusinessToday.In | March 15, 2021 | Updated 15:11 IST
Pritish Nandy Communications share gains 10%
Shares of Pritish Nandy Communications rallied 9.81 per cent to hit upper circuit of Rs 23.50 on the BSE on Monday after Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, acquired a stake in the company through market purchases last week. The company, engaged in development of media and entertainment content, however, did not disclose the details of the transaction.
Ratan Tata acquires stake in Pritish Nandy Communications
Tata has invested in many startups and technology companies in the past, including Ola, Paytm, Snapdeal, CureFit, Urban Ladder, Lenskart, and Lybrate.
BusinessToday.In | March 15, 2021 | Updated 14:59 IST
Tata has invested in many startups and technology companies in the past.
Tata Group patriarch Ratan Tata has acquired a stake in Pritish Nandy Communications (PNC), one of the first corporate entities in Bollywood, in his personal capacity. Mr Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week, PNC said in an exchange filing.
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Shares of Pritish Nandy Communications jumped 10 per cent after the company announced that industrialist Ratan Tata has picked up some shares in the media company.
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For the day, the Nifty50 index ended 0.7 per cent, or 101.5 points, lower at 14,929.50, while Sensex closed at 50,395.08, down 0.8 per cent or 397 points.
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