ENIL jumps after launching 3 new FM radio channels

Entertainment Network (India) rose 4.19% to Rs 765.55 at 10:42 IST on BSE after the company said it launched three more FM radio channels on 5 September 2016.

The announcement was made after market hours on Friday, 2 September 2016. The market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

Meanwhile, the BSE Sensex was up 280.21 points, or 0.98%, to 28,812.32.

On BSE, so far 610 shares were traded in the counter, compared with average daily volume of 819 shares in the past one quarter. The stock hit a high of Rs 770 and a low of Rs 750 so far during the day. The stock hit a 52-week high of Rs 792.55 on 31 March 2016. The stock hit a 52-week low of Rs 586 on 10 November 2015. The stock had underperformed the market over the past 30 days till 2 September 2016, rising 1.94% compared with 2.95% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.98% as against Sensex's 6.29% rise.

The mid-cap company has equity capital of Rs 47.67 crore. Face value per share is Rs 10.

Entertainment Network (India) (ENIL) said the new FM radio channels are in Ahmedabad (104 FM), Jaipur (104 FM) and Surat (91.9 FM). In each of these cities, these channels are the second channels belonging to the company. The first channels are branded Radio Mirchi (all 98.3 FM). The second channels will be branded Mirchi Love. Mirchi Love is a new brand that the company is launching. With these three launches, the company will be operating 44 channels in all.

Entertainment Network (India)'s consolidated net profit dropped 41.6% to Rs 16.66 crore on 10.71% rise in net sales to Rs 109.10 crore in Q1 June 2016 over Q1 June 2015.

Entertainment Network (India) (ENIL) operates FM radio broadcasting stations through the brand Radio Mirchi.

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