This small cap media stock rallied 4% in Friday’s trading session after Viacom18, run by Reliance Industries, acquired media rights for Indian Super League for the next two years.
Share price of TV18 broadcast opened at Rs. 48.85 per share and gained more than 4% to reach its intra-day high of Rs. 50.60 apiece. The stock has given a potential return of 22.29% in the last one month and 48.93% in the last six months. Share price of Network18 Media & Investments Ltd were also trading 2.5% higher in the market today.
On 7 September 2023, Football Sports Development Limited announced that Viacom 18 under Network 18 Media & Investment Limited which is subsidiary of Reliance Industries acquired the media rights for televising and live- streaming of Indian Super League across Digital and Linear TV platforms for the next seasons. The ISL premiered on Disney Star for the last nine seasons.
The company has a market capitalization of Rs. 7405.07 crore. As per the company’s latest financial statement, it made a revenue of Rs. 3176.03 crore in Q1FY24, an increase of 125.9% from Rs. 1405.9 crore in Q3FY24. Its net profit increased by 25.9% from Rs. 35.19 crore in Q4FY23 to Rs. 44.33 crore in Q1FY24. It has a low debt to equity ratio of 0.88
TV 18 is an entity which comes under Network 18 Media & Investment Limited. Network 18 is a subsidiary of Reliance. TV18 operates and owns many national channels in its various separate partnerships. It also runs many regional and local channels along with 24- hour broadcast news channels.
Written by Bhumika Khandelwal
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