Hindustan Media Ventures makes a strong debut
Hindustan Media Ventures makes a strong debutOn the initial day of trade on Wednesday, shares of Hindustan Media Ventures went up almost 14% in excess the initial issue price of Rs 166. Hindustan Media Ventures (HMVL) which publishes the Hindi daily Hindustan made a debut on a strong note at Rs 170, up 2.40% on its issue price of Rs 166 on the BSE. The scrip shot up 15.60% to lay hands on an intra-day high of Rs 191.90 on the Bombay Stock Exchange. It at long last finished the day at Rs 189.20, up almost 14%. In a similar trend on the National Stock Exchange, the stock closed at Rs 191.50, up 15.36%.
Anand Shah of Angel Broking said the listing has been more or less in line with expectations. He advised profit booking. "Our fair value was about Rs 195. So at about Rs 190-195 levels, at maximum, one can book out and maybe enter at lower levels, at a later stage, once the IPO (initial public offering) frenzy is over."
Hindustan Media Venture Ltd (HMVL) saw a sturdy listing on Wednesday, with the company’s share price closing at Rs 191.50, a premium of 15.4 per cent to its allotment price of Rs 166 per share. HMVL is a subordinate of HT Media Ltd, the company that has ownership rights to this newspaper. From the moment the listing Bell went off at the National Stock Exchange on Wednesday; the scrip saw its opening price at Rs 177.95, a premium of 7.2 per cent over the allotment price.
Amit Chopra, CEO of Hindustan Media Ventures, while talking in a press conference, said he would focus on current geographies before expansion. He sees growth across all existing geographies.
It only got stronger as the day went on with a rising demand for the share as investors were willing to put their money on the newspaper’s strong presence in the Hindi heartland for prospective growth in the future. The winning listings of HMVL ran over onto HT Media that saw an increase of almost 4 per cent to close at Rs 165.20.
Rajiv Verma CEO and director at HT Media said that “Economic growth in key Hindi-speaking states is rising with growing literacy. Thus readership as well as the advertising and circulation revenues will rise.” 9.9 million Read Hindustan.
