TV18 Broadcast drops on profit booking

TV18 Broadcast lost 1.2% to Rs 61.80 at 9:50 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 8.30 points or 0.02% at 34,175.74.

On the BSE, 1.65 lakh shares were traded on the counter so far as against average daily volumes of 6.83 lakh shares in the past two weeks. The stock had hit a high of Rs 63.40 and a low of Rs 61.60 so far during the day. The stock had hit a 52-week high of Rs 66.90 on 16 January 2018 and a 52-week low of Rs 33.15 on 24 May 2017.

Shares of TV18 Broadcast had rallied 14.35% in the previous seven trading sessions to settle at Rs 62.55 yesterday, 28 February 2018, from its close of Rs 54.70 on 19 February 2018.

TV18 Broadcast announced after market hours yesterday, 28 February 2018 that it has completed the purchase of equity shares of Viacom18 Media aggregating to 1% Viacom18's paid-up equity capital. With this acquisition, the company has acquired control and now holds 51% of the equity share capital of Viacom18.

TV18 Broadcast reported a net profit of Rs 35.45 crore on revenue of Rs 196.18 crore in the quarter ended 31 December 2017.

TV18 Broadcast telecasts and produces news and current affairs programmes.

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