Till 11:53 am, a combined 3.27 million equity shares, representing 5.5 per cent of total equity of TV Today Network, has changed hands on the NSE and BSE
SI Reporter | Mumbai
Last Updated at November 16, 2021 12:34 IST
Shares of TV Today Network were locked at the 20 per cent upper circuit at Rs 413.15 on the BSE on Tuesday amid heavy volumes. Over 5 per cent equity of the company has, so far, changed hands on the counter. The stock of the broadcasting & cable TV operator was trading at its highest level since October 2018.
Till 11:53 am, a combined 3.27 million equity shares, representing 5.5 per cent of total equity of TV Today Network, has changed hands on the NSE and BSE. Moreover, there were pending buy orders for a combined 568,002 shares on both the exchanges, data shows. The names of the buyers and sellers could not be ascertained immediately.
In the past one month, the stock has outperformed the market by surging 43 per cent on strong set of numbers for the quarter ended September (Q2FY22). In comparison, the S&P BSE Sensex was down 1.2 per cent during the same period.
For Q2FY22, TV Today Network’s consolidated net profit rose 69 per cent year on year (YoY) at Rs 46.98 crore as against Rs 27.74 crore in the year-ago quarter. Revenue from operations grew 28 per cent YoY to Rs 226 crore from Rs 177 crore in Q2FY21.
“Television segment revenues are expected to grow at a CAGR of 7 per cent to reach Rs 84,700 crore by 2023 driven by increased base of subscribers as households continue to get televised and TV’s price competitiveness as against [OTT + data] alternatives. Subscription income would grow 5 per cent to reach Rs 45,600 crore on the back of fresh content, several marquee sports events and pending movie releases, though ARPUs may face regulatory hurdles,” TV Today Network said in FY21 annual report.
The media and entertainment industry in India consists of different segments such as television, prints and films. The various diversified portfolios that the T.V. Today Network operates in throws up increased opportunities. As media consumption increases, various revenue models and products are becoming relevant and can be capitalised. For a content company, emergence of digital connectivity through various platforms presents newer and more intense ways of engaging with its consumers. The coming years are likely to usher in greater innovation in content formats, means of dissemination and business models, the company said.
The company further said with the objective of bringing in next generation technology, the government intends to hold 5G spectrum auctions in 2021-22 which, it believes, will help in the achievement of its ‘Digital India’ vision. At a time when digital media is booming, FDI in digital media has been permitted up to 26 per cent through the government approval route.
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First Published: Tue, November 16 2021. 12:34 IST