Music Broadcast advances on collaboration with Apple Music

Music Broadcast advanced 3.11% to Rs 387.80 at 15:02 IST on BSE after Radio City announced a collaboration with Apple Music.

The announcement was made after market hours yesterday, 26 February 2018.

Meanwhile, the S&P BSE Sensex was down 69.55 points or 0.2% at 34,376.20. The S&P BSE Small-Cap index declined 0.3%, underperforming the Sensex.

On the BSE, 4,461 shares were traded on the counter so far as against average daily volumes of 3,143 shares in the past one quarter. The stock had hit a high of Rs 400 and a low of Rs 381.10 so far during the day. The stock had hit a record high of Rs 458 on 9 January 2018 and a record low of Rs 332.90 on 23 May 2017.

The stock had underperformed the market over the past one month till 26 February 2018, sliding 5.15% compared with the Sensex's 4.45% fall. The stock had also underperformed the market over the past one quarter, advancing 0.62% as against the Sensex's 2.28% rise.

The small-cap company has equity capital of Rs 57.05 crore. Face value per share is Rs 10.

Radio City 91.1FM, announced a collaboration with Apple Music for the country's biggest Bollywood countdown chart show titled 'Apple Music weekly charts'.

Music Broadcast's net profit rose 16.4% to Rs 11.88 crore on 4.7% growth in net sales to Rs 76.18 crore in Q3 December 2017 over Q3 December 2016.

Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City. It currently has 39 radio stations, including 11 newly acquired stations in Phase III auctions.

Powered by Capital Market - Live News