Shares of Hathway Cable & Datacom (Hathway) were trading higher for the fourth straight day, up 18 percent at Rs 38.60, also its 52-week high, on the BSE in intra-day deal on Thursday in an otherwise weak market on the back of heavy volumes.
The stock has zoomed nearly 100 percent in the last seven trading days since the announcement of Reliance’s plan of rolling out fiber broadband service. Since, August 9, the stock has rallied 97 percent from the level of Rs 19.60, as compared to 1 percent decline in the S&P BSE Sensex.
The trading volumes on the counter jumped over two-fold with a combined 3.2 million shares changing hands on the NSE and BSE till 11:01 am.
Hathway is a multi-system operator (MSO) and cable broadband service, provider. It aims to be a single point access provider, bringing into the home and work place a converged world of information, entertainment and services.
At its 42nd annual general meeting (AGM), on August 12, Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani announced details related to the launch of Jio Fiber service, the triple play of broadband, TV and landline. Jio Fiber users will get free subscription to several OTT platforms. Reliance Jio Infocomm (‘Jio’), a subsidiary of RIL, has built a world-class all-IP data strong future proof network with the latest 4G LTE technology.
Earlier this year, RIL acquired stakes in three leading MSOs, Hathway, Den and GTPL, who have direct relations with over 30,000 local cable operators (LCOs).
Meanwhile, Den Networks, too, hit a fresh 52-week high of Rs 90, up 10 percent. The stock has rallied 50 percent in the past seven trading days.―Business Standard