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Mumbai, July 21 (PTI) Shares of Hindustan Media Ventures surged nearly 14 per cent over the issue price of Rs 166 on the first day of trade today. Hindustan Media Ventures (HMVL), the publishers of the Hindi daily Hindustan, opened on a firm note at Rs 170, up 2.40 per cent on its issue price of Rs 166 on the BSE. The scrip shot up 15.60 per cent to touch an intra-day high of Rs 191.90 on the Bombay Stock Exchange. It finally ended the day at Rs 189.20, up nearly 14 per cent. In a similar trend on the National Stock Exchange, the stock closed at Rs 191.50, up 15.36 per cent. On the volume front, over 4 crore shares of the media firm changed hands on the bourses. The broader market Sensex was also firm and ended at 17,977.23, up 99.09 points. Earlier this month, the Rs 270-crore initial public offer from HMVL generated good demand and was oversubscribed 5.43 times, with retail investors fully subscribing their portion. A 98.85 per cent subsidiary of HT Media that publishes the Hindustan Times and Mint, Hindustan Media Ventures publishes the third largest Hindi daily Hindustan which has a readership of 9.9 million (as per IRS 1, 2010).
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