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MUMBAI: This is a result investors may have been waiting
for. Television Eighteen put up a robust first quarter performance,
pulling the scrip up by Rs 13 to close today in the BSE at
Rs 605 in a market that slipped 61 points after four days
of continuous rise.
On the television front, TV18 has doubled its revenues over
the year-ago period while net profit has jumped 65 per cent
to Rs 138.21 million. The company now has four channels -
two in the business space and two general news channels.
The Group's internet business is also poised for a scale
up, having crossed $1 million (Rs 46.75 million) in the quarter.
TV18 is eyeing acquisitions and will soon re-launch jobstreet.com
and yatra.com. The company has already announced plans
to hive off the internet business which will make it attractive
for strategic investors.
"The scrip could lift up further, based on these results.
The valuation of the internet business will also be interesting,"
a market analyst says.
Balaji Telefilms, which announced its first quarter results
yesterday, is the other media scrip which climbed 4.34 per
cent to close the day at Rs 109.45 in the BSE. Analysts say
this was on the back of a 39 per cent jump in the TV content
producer's net profit to close the quarter at Rs 173.77 million.
The market is yet to be enthused by UTV's deal with Walt
Disney Company, shedding marginally in the BSE to close 1.8
per cent down at Rs 168.65. The global media major had bought
out Hungama TV and taken a 14.9 per cent stake in UTV for
a total consideration of $44.5 million (approximately Rs 2
billion).
"The scrip will gain value once Disney chalks out a joint
plan with UTV. It is not clear yet where Disney wants to take
UTV forward," says a market analyst.
Among the other media stocks to fall are Zee Telefilms (2.24
per cent to Rs 257.20) and NDTV (from Rs 156.2 to Rs 155.30).
TV Today almost stayed flat to close at Rs 76.60.
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