Bloomberg News

Hathway Cables Shares Soar by Daily Limit on Digitization Bill

October 14, 2011

Oct. 14 (Bloomberg) -- Hathway Cable & Datacom Ltd., India’s largest cable-television operator, surged by the daily limit after the cabinet yesterday approved a bill that makes it mandatory for TV companies to move to digital broadcast.

The shares jumped 20 percent to 122.1 rupees as of 2:13 p.m. local time, extending yesterday’s 11 percent rally. The stock has soared 45 percent this week, bound for the steepest gain since its trading debut in February 2010.

Hathway’s sales may double and pretax profit may expand fivefold over two years, driven by the government-ordered migration of analog cable customers to digital cable TV, Bank of America Corp. said in a note in March.

To contact the reporter on this story: Hemal Savai in Mumbai at hsavai@bloomberg.net

To contact the editor responsible for this story: Ravil Shirodkar at rshirodkar@bloomberg.net


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