GTPL stock rises on sale of subsidiary

GTPL Hathway Limited rose 7.86 per cent on Thursday, after it made an announcement of sale of its entire stake in its subsidiary post market hours on Wednesday.

GTPL Hathway, engaged in offering cable television and broadband services sold its entire stake of 61.5 per cent in GTPL Space City Private Limited, subsidiary company. With execution of share purchase agreement and completion of sale November 18, 2020, GTPL Space City has ceased as subsidiary of the company. GTPL Hathway received a compensation of Rs 18,74,520 from the sale.

The company enjoys 67 per cent market share for cable TV subscription in Gujarat. GTPL's source of revenue is 66 per cent from cable television, 27 per cent from EPC projects and 7 per cent from internet.

At around 12:03 pm, the share is trading 2.40 per cent higher at Rs 127.85.10 on BSE. It recorded an intraday high of Rs 134.45 and an intraday low of Rs 126.3 on BSE. In comparison, S&P BSE SENSEX is trading 0.07 per cent lower.