Jagran Prakashan jumps after court's nod for demerger of radio biz

Jagran Prakashan surged 5.01% to Rs 204.30 at 12:11 IST on BSE after the company said the High Court of Judicature at Allahabad approved the demerger of radio business undertaking of Shri Puran Multimedia into Music Broadcast.

The announcement was made after market hours yesterday, 4 October 2016.

Meanwhile, the S&P BSE Sensex was down 74.43 points or 0.26% at 28,260.12.

On BSE, so far 1.02 lakh shares were traded in the counter as against average daily volume of 38,522 shares in the past one quarter. The stock hit a high of Rs 210.90 and a low of Rs 201.10 so far during the day. The stock had hit a record high of Rs 213 on 8 September 2016. The stock had hit a 52-week low of Rs 138 on 30 October 2015. The stock had outperformed the market over the past one month till 4 October 2016, sliding 0.33% compared with 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 9.11% as against Sensex's 3.87% rise.

The mid-cap company has equity capital of Rs 65.38 crore. Face value per share is Rs 2.

Jagran Prakashan said that the High Court of Judicature at Allahabad approved the amalgamation of Crystal Sound & Music (Crystal) and Spectrum Broadcast Holdings (Spectrum) with the company and the demerger of radio business undertaking of Shri Puran Multimedia (SPML) into Music Broadcast (MBL). The scheme is pending for approval from High Court of Judicature at Mumbai and other requisite approvals. The scheme shall be effective from the date of filing of certified/authenticated copies of orders of the High Courts with the Registrar of Companies Uttar Pradesh and Registrar of Companies at Mumbai, as applicable.

Jagran Prakashan's net profit rose 5.4% to Rs 73.64 crore on 8.9% growth in net sales to Rs 462.70 crore in Q1 June 2016 over Q1 June 2015.

Jagran Prakashan is a leading media and communications group with interests spanning across newspapers, radio, magazines, outdoor advertising, promotional marketing & event management, and digital businesses. The Group publishes 12 newspaper brands with over 100 editions and 250 plus sub-editions from 36 different printing facilities across 15 states in 5 different languages.

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