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This Media & Entertainment Stock Falls 51% From Its 52-Week High Hit Over A Month Ago: Check Details
Shares of TV18 Broadcast have fallen drastically from its 52-week high price of Rs. 82.6 per share hit on April 5, 2022. Last the stock in trade on May 13, 2022 settled at a price of Rs. 40.4 apiece on the NSE.
From a price of Rs. 75.15 as on April 27, 2022, the stock has lost a considerable price value, dropping as much as 46% in just 11 trading sessions. On April 28, 2022 (Thursday), on the back of heavy volumes in the counter as investors booked profit in the company post the Reliance and Viacom18 partnership with Bodhi Tree Systems, the stock slumped to a price of Rs. 61.8, dropping a huge 18% intra-day.
Subsequently, the fall in the stock price was driven by the company's earnings announced on May 3. On a consolidated basis, the company's net profit for the Q4 period of Fy22 registered an over 13% de-growth to Rs. 143.61 crore as against Rs. 165.88 crore in Q4Fy21. Revenue from operations however logged an increase of 11% YoY to Rs. 1496.22 crore as against Rs. 1347.94 crore in Q4Fy21.
On full year basis, the company reported a 28.3% increase in net profit to Rs 584.50 crore on a 22.9% rise in net sales to Rs 5,526.18 crore in FY22 over FY21.
TV18 broadcast is a small cap Reliance Group company. The Television (TV) broadcast network primarily offers telecommunication, broadcasting and information supply services.
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