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Network 18 Media gains after board OKs selling BURRP

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& rose 2.73% to Rs 41.45 at 11:38 on after the company said its board approved selling its food search engine

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P Sensex was up 72.16 points, or 0.25% to 29,408.73.

On the BSE, 3.35 lakh shares were traded in the counter so far, compared with average daily volumes of 2.29 lakh shares in the past one quarter. The stock had hit a high of Rs 42.90 and a low of Rs 40.45 so far during the day. The stock hit a 52-week high of Rs 49.20 on 29 September 2016. The stock hit a 52-week low of Rs 30.50 on 27 December 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 12.08% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.16% as against Sensex's 7.43% rise.

The mid-cap company has equity capital of Rs 523.47 crore. Face value per share is Rs 5.

The board of directors of & at its meeting held yesterday, 19 April 2017, evaluated the proposal of restructuring its business of food and restaurant search and recommendation engine operated under the name of BURRP, which has insignIficant contribution to the revenue of the company.

The board has given in-principle approval to sell/transfer/dispose-off or transfer BURRP to any other entity including a related party/getting a strategic investor.

In this regard, the board has authorised certain directors and officers of the company to evaluate the various options and take such further action in the matter, as may be suitable, after complying with necessary regulatory requirements.

On a consolidated basis, & reported net loss of Rs 33.32 crore in Q4 March 2017 as against net loss of Rs 24.99 crore in Q4 March 2016. Net sales declined 18.08% to Rs 387.67 crore in Q4 March 2017 over Q4 March 2016.

Network18 Media and Investments is a media and entertainment company with interests in television, internet, filmed entertainment, digital business, magazines, mobile content and allied businesses.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 11:41 IST