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UTV shares up 10% on Disney buy buzz

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Shares of UTV Software Communications rose 9.86 per cent on Monday, reacting to a strong market speculation that Disney would be upping its stake in the company.

Disney holds 50.44 per cent out of a total promoter holding of 70.26 per cent while Ronnie Screwvala and associates have the rest, according to data provided by the company till 31 March 2011.

"The buzz is that Disney will be buying at around Rs 800 per share. A formal announcement is expected on 10 June. This shored up the scrip price," multiple dealers said. Screwvala was not reachable till the filing of this report. UTV spokesperson did not respond to Indiantelevision.com's queries.

Shares of UTV closed Monday at Rs 730.95, up by Rs 65.60 from its previous close (Rs 665.35). The stock touched an intraday high of Rs 748 and a low of Rs 657.60.

The total traded value was Rs 670.6 million on the BSE.

UTV Software Communications is an integrated media company with interests in television broadcasting, production, movies, and gaming businesses.
 
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