Cash Rich, Debt Free News Channel Stock Falls 54% From Highs To 52-Week Lows

The stock of TV Today Network dropped to a new 52-week low of Rs 200.50 on the National Stock Exchange. The shares join a growing list of stocks that dropped to 52-week lows in trade.

TV Today Network: Cash rich and debt free stock

The stock of TV Today Network runs the renowned Aaaj Tak and India Today news channels. The company recently declared a solid dividend of Rs 67 per share. The company is a debt free company which has been giving consistent dividends over the years. The company's stock has fallen from 52-week high of Rs 430 to the present levels of Rs 200.50, which is a drop of nearly 54% from highs. One of the reasons for the fall in the stock is also the fact that the company declared a massive dividend of Rs 67 per share. This means the stock would naturally react by such an amount. One of the other reasons for the fall in the stock price has also been the results for the quarter ending Dec 31, 2023, wherein there was some major disappointments with the numbers.

Markets continue to fall

Meanwhile, domestic indices extended losses for second consecutive day in line with sell off in global markets triggered by 60% fall in US based Silicon Valley Banks. Nifty opened with deep cuts and remained in negative territory to close with loss of 177 points (-1%) at 17413 levels. "All sectors ended in red with major selling seen in banking stocks. Fall in the select US banks added to the overall Global uncertainty regarding the quantum of the next Fed rate hike. US jobs data that would be released late on Friday will also be crucial for upcoming Fed's meeting as it could also influence the Fed rate decision. Expect the volatility to continue next week as well. On the domestic front, Feb inflation data would be released while on the global front, ECB meeting would be key event to watch out for," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Disclaimer

The above article is for information only and should not be construed as a "buy", "sell" or "hold" on the TV Today stock. We have not done an analysis and as such have no opinion on the stock. Neither the author, nor Greynium Information Technologies Pvt Ltd should be held responsible for losses based on a decision from the article. The author holds shares in TV Today Network.