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Balaji Telefilms hits 52-week high on buzz of Ekta Kapoor buying shares

MUMBAI: Balaji Telefilms’ entry into the over-the-top (OTT) space has gone down well with investors. Since the launch of ALTBalaji on 16 April, the stock has gone up by 41% to close Tuesday at Rs 148.90 per share on the BSE.

The scrip zoomed to Rs 154.80 on Tuesday, a 52-week high, amid reports that Ekta Kapoor was buying shares from the open market.

The company also announced on the same day that its OTT service ALTBalaji will now be available on Fire Stick, Amazon’s internet streaming service.

Balaji Telefilms closed at Rs 148.90, up 9.97% from the previous day’s close. The market capitalisation of the company stood at Rs 1,130 crore.

Launched with five original shows, ALTBalaji is adding new shows every month for its viewers to binge-watch.

ALTBalaji has already seen more than three million downloads across iOS and Android devices, and was recently the third top-grossing app in iTunes in India in the entertainment section.

ALTBalaji allows users to access 250 hours of original and exclusive content comprising shows from all genres in addition to original kids’ content.

The content is created by some of the best talent of the Indian entertainment industry, including critically acclaimed directors and actors. The list of artists includes Nagesh Kukunoor, Juhi Chawla, Nimrat Kaur, Rajkumar Rao, Hansal Mehta, Sakshi Tanwar, Ram Kapoor, Atul Kulkarni, Sameer Soni, Yudhishtar Urs, Dipannita Sharma Atwal, among many others.

The promoter holding in Balaji Telefilms has increased to 42.22% as of 31 March 2017 from 40.92% in June 2016.