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GTPL Hathway share up as FII / FPI limit raised to 49 pc

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MUMBAI: The share price of GTPL Hathway, a leading regional multi-system operator (MSO) which offers cable television and broadband services, rose 2.60 per cent to Rs 132 at 11:05am on the BSE after the central bank of India -- RBI -- raised foreign investment limit to 49 per cent from 24 per cent, earlier.

The shares were listed on the stock exchanges on 4 July 2017, debuting on a flat note at Rs 170 compared with the IPO price of Rs 170. On a yearly basis, the price of GTPL Hathway has lost 23.46 per cent.

The stock of GTPL Hathway, which recently pocketed Rs 480-mn Gujarat govt contracts, had touched a high of Rs 134 and a low of Rs 130.50 during the day. It was on 11 July that the stock climbed a record high of Rs 190.30 and hit a record low of Rs 126.60 on 24 August 2017.

The stock had underperformed the market in the past month till 7 September 2017, falling 10.57 per cent when compared with 0.42 per cent overall decline in the Sensex.

The Reserve Bank notified after market hours on 7 August 2017 that the Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in GTPL Hathway has increased to 49 per cent of its paid-up capital.

Recently, GTPL Hathway was awarded a work order by Gujarat Informatics Limited an estimated sum of Rs. 290 million for a five-year contract.  Additionally, it was awarded with a work order by the home department, government of Gujarat, worth Rs 190 million.

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