Shares of Network 18 Media & Investments and TV18 Broadcast rallied on the bourses, touching their respective highest trading permissible limit for the day ahead of their board meetings later in the day.
The Board of Directors of both the companies will meet on Tuesday to review the growth plans and discuss raising of further resources from the existing shareholders on a rights basis to finance the growth plans and repay existing debts.
Shares of Network 18 Media & Investments zoomed up by 19.90% touching the upper circuit limit at Rs 46.40 on the BSE in the morning trade.
Similarly, the company's broadcasting unit TV18 Broadcast also saw buying interest and spurted by 19.93% to hit the upper circuit at Rs 33.70.
The rally in both the stocks was in tandem with the overall bullish trend in the market, where the BSE barometer Sensex was trading 296.06 points higher at 1120 hrs.