Reliance MediaWorks surges 37% on Disney stake buy rumour

MUMBAI: Anil Ambani-promoted Reliance MediaWorks went on an insane upsurge, jumping 37 per cent on the BSE, as rumours spread that Disney would be picking up a strategic stake in the company.

The total traded quantity of Reliance Mediaworks stood at 8.12 million shares on the BSE.

The shares of the company closed at Rs 292.95, up Rs 79.05 or 36.96 per cent over the previous close.

The scrip touched an intra day high of Rs 299.40 after opening at the day‘s low of Rs 212.75.

"The scrip gathered steam as market rumours spread that Disney would be picking up a minority stake in the company," an analyst at a broking firm said., however, could not establish the veracity of those rumours.

When contacted, Reliance MediaWorks CEO Anil Arjun said he had no comments to offer on market speculations.

Disney already holds a majority stake in UTV Software Communications.

Reliance MediaWorks operates in three segments: theatrical exhibition; film production and distribution; and film processing facilities.

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