Network 18 Media & Investments in Friday’s trading session extended its Thursday’s rally, and rose over 9%, mainly triggered by the company’s board approving of selling its food search engine.
The company’s board of directors evaluated the proposal of restructuring its business of food and restaurant search and recommendation engine operated under the name of BURRP. The board has given in-principle approval to transfer/sell/dispose-off or transfer BURRP to any other entity.
The announcement was made on April 19, post market hours, triggering the share to rally over 3% on April 20. Whereas, the stocks in two trading sessions have risen 12.76% from their close of Rs 40.35 on Wednesday, April 19, 2017.
The stock has delivered 6.9% returns in a period of one year, underperforming the BSE Small cap and Nifty Media indices over the same time period.