Stock market update: Siti Networks climbs as subsidiary to buy 76% stake in Meghbela Infitel Cable
Siti Networks rose 3.61% to Rs 0.86 after the company said its subsidiary, Indian Cable Net Company, will purchase 76% stake in Meghbela Infitel Cable & Broadband.
The board constituted investment committee of the company in its meeting held on 25 March 2021 approved the acquisition of 76% equity stake in the paid-up equity share capital of Meghbela Infitel Cable & Broadband through the company’s material subsidiary, Indian Cable Net Company. Meghbela Infitel Cable & Broadband was incorporated on 9 July 2015 and is engaged in business of multi system operators. It has presence in Kolkata, West Bengal.
Meghbela is in the process of acquisition of cable TV business in Kolkata, which will help in expansion of market of the company in Kolkata. The acquisition is expected to complete before 31 March 2021.
On the technical front, the stock’s RSI (relative strength index) stood at 36.928. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 1.02 and its 200-day moving average (DMA) placed at 1.32.
Siti Networks is one of India’s largest multi system operators (MSO). The company provides its cable services in India’s 250 plus cities and the adjoining areas.
Powered by Capital Market – Live News
Download Money9 App for the latest updates on Personal Finance.
