Ratan Tata acquires stake in Pritish Nandy Communications; shares soar, hit upper circuit

In a major shot in the arm for Pritish Nandy Communications (PNC), Tata Trust chairman Ratan Tata has acquired stake in in the company in his “personal capacity”. This was disclosed by Pritish Nandy Communications in a regulatory filing, said india.com. Pritish Nandy Communications is a movies and entertainment company.

“Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week,” said the regulatory filing.  

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Meanwhile, as the content of the PNC regulatory filing were known, Pritish Nandy Communications shares were trading 10 per cent higher and were locked in upper circuit on Tuesday. The Pritish Nandy Communications PNC shares were trading 10 per cent higher at Rs 25.90 apiece on NSE.  

With this news, The Pritish Nandy Communications (PNC) shares appear all poised to break the 52-week high of Rs 26.85 on NSE.  

PNC shares gave a closing of Rs 23.55 on Monday and opened at upper circuit on Rs 25.90.