Bucking a sluggish trend,shares of broadcasting companies and cable service providers today rallied up to 20 per cent on the BSE after the government approved an ordinance on digitisation of cable network. Cheering the news,shares of Wire and Wireless (India) jumped by 19.92 per cent to Rs 8.49 on the BSE. Similarly,Hathway Cable & Datacom soared 10.30 per cent to close at Rs 101.75 a share. Others like Dish TV India and Den Networks climbed 3.21 per cent and 0.80 per cent,respectively,on the BSE. Experts said that digitisation will help the cable network industry in the long-term,which is why the industry stocks showed a remarkable performance in today's trade. The Cabinet,in a meeting chaired by Prime Minister Manmohan Singh today,approved a proposal to promulgate Digitalisation of Analogue Cable Systems Ordinance. The Information and Broadcasting Ministry is aiming at complete digitisation of cable sector in the four metros by March 31,2012. Through the Ordinance,the ministry would insert a clause in the Cable TV Networks (Regulation) Act which would make a digital addressable system mandatory in the cable sector. The surge in cable and broadcasting companies stocks is in contrast with the weakness in broader market,with the BSE benchmark Sensex closing lower by 74.47 points at 16,883.92. Company INFO More on Dish TV India Stocks More on Den Networks
