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Ashish Kacholia sold 10 lakh shares in this smallcap despite 100% jump in Q2 profit

Kacholia sold 10,82,669 shares of the company at an average price of Rs 72.

, ETMarkets.com|
Last Updated: Oct 24, 2019, 11.20 AM IST|Original: Oct 24, 2019, 11.20 AM IST
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GTPL Hathway is engaged in the distribution of internet services through cable and has a strategic stake in entities engaged in cable television business.
Well-known value investor Ashish Kacholia sold more than 10 lakh shares of GTPL Hathway on Wednesday, NSE data showed.

Kacholia sold 10,82,669 shares of the company at an average price of Rs 72. With a market capitalisation of Rs 810 crore, the scrip traded 0.96 per cent down at Rs 72 at around 10.30 am (IST). NSE benchmark Nifty was down 6 points, or 0.05 per cent, at 11,598.

GTPL Hathway is engaged in the distribution of internet services through cable and has a strategic stake in entities engaged in cable television business.

The company reported 97 per cent year-on-year rise in net profit at Rs 28.87 crore for the quarter ended September 2019. It had posted Rs 14.64 crore profit during the corresponding quarter last year.

Revenues increased 94.91 per cent YoY to Rs 608.99 crore in Q2FY20 from Rs 312.44 crore in Q2FY19.

Kacholia held 22,64,669 shares, or 2.01 per cent stake, in the company as of September 30, while mutual funds and foreign portfolio investors had 0.25 per cent and 11.36 per cent. Promoters held 78.83 per cent.

On a standalone basis, net profit of the company rose 161 per cent YoY to Rs 25.22 crore in Q2FY20.

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