 "TV Today tanks 14% on disappointing September quarter results")
TV Today Network has tanked 14% to Rs 220 on NSE, in otherwise firm market, after reporting a single digit 2.88% year on year growth in standalone net profit at Rs 13.20 crore for the quarter ended September 30, 2014 (Q2), due to higher product cost and other expenditure.
The company engaged in television and radio broadcasting business had posted a profit of Rs 12.83 crore during the same quarter last fiscal. It had reported profit of Rs 33 crore in June quarter.
Total net income from operations of the company increased 22% to Rs 112 crore during the quarter under review as against Rs 92 crore of the same period a year ago. Total expenditure however, jumped by 30% to Rs 96 crore from Rs 74 crore over the previous year quarter.
The stock recovered marginally after falling 16% in early morning deals on NSE. It opened at Rs 234 and touched a low of Rs 213 so far. A combined 1.04 million shares changed hands on the counter till 0955 hours on NSE and BSE.
The company engaged in television and radio broadcasting business had posted a profit of Rs 12.83 crore during the same quarter last fiscal. It had reported profit of Rs 33 crore in June quarter.
Total net income from operations of the company increased 22% to Rs 112 crore during the quarter under review as against Rs 92 crore of the same period a year ago. Total expenditure however, jumped by 30% to Rs 96 crore from Rs 74 crore over the previous year quarter.
The stock recovered marginally after falling 16% in early morning deals on NSE. It opened at Rs 234 and touched a low of Rs 213 so far. A combined 1.04 million shares changed hands on the counter till 0955 hours on NSE and BSE.