Intraday spotlight: This smallcap media stock has jumped over 14 per cent today
The merger of Hinduja Leyland Finance has driven the stock rally.
Nxtdigital Ltd (NDL), a smallcap media vertical of the global Hinduja Group, has jumped by over 14 per cent today from its previous close of Rs 416.25. The stock opened at Rs 432.05 and has made its day high of Rs 486.20. As of 10:45 am today, the stock was trading near Rs 477 on the BSE.
With Sensex bouncing back with a bang by jumping over 1000 points and nearing the levels of 58,000, this media and communications company has been flying with the merger of Hinduja Leyland Finance Ltd (HLFL) into NDL. HLFL is an NBFC with an AUM of over Rs 29,000 crore. The merger will enable the shareholders of NDL to participate in and bolster the growth plans of HLFL thereby creating value for shareholders. According to the company’s press release, the proposed merger will result in shareholders of HLFL receiving shares of NDL determined by an independent share swap valuation, subject to applicable regulatory approvals.
NXTDIGITAL delivers television services through a dual delivery platform consisting of digital cable and the country’s only Headend-In-The-Sky (HITS) satellite platform, under the brand names INDigital and NXTDIGITAL, respectively.
The stock has a 52-week high and low of Rs 548.70 and Rs 345, respectively.