Shares of one of India’s most diversified media and entertainment (M&E) conglomerates hit 20 percent upper circuit to a 52-week high of Rs. 119.4 on January 10 after a large deal of Rs. 155.5 crores took place in the company.
With a market cap of Rs. 12,497 crores, Network18 Media & Investments Ltd closed at Rs. 119.4 versus Rs. 99.50 on the previous day and locked in the 20 percent upper circuit.
Though the buyers and sellers are still unknown in the transactions, around 1.3 crore shares, making up 1.3 percent equity, exchanged hands on January 10.
However, Network18 was not alone with this deal, there took place another large deal with the subsidiary TV18 Broadcast of around Rs. 1.2 crore shares, representing 0.7 percent equity, exchanged hands in the transaction worth Rs. 78 crore.
While the shares of Network18 hit a 52-week high, shares of TV18 Broadcast also climbed after the large deal. Shares of TV18 Broadcast opened at Rs. 55.25, traded nearly 16 percent higher, and closed at Rs. 64.80 on the NSE. Breaking its resistance it also reached a new 52-week high of Rs. 66.20 on January 10.
Network18 Media & Investments Ltd commonly referred to as the Network18 Group is an Indian media conglomerate owned by the billionaire and the owner of the energy giant Reliance Industries, Mukesh Ambani.
Network18 is the holding company of TV18, Web18, Network18 Publishing, and Capita18, and is also the largest shareholder in the business of publishing with popular magazine brands such as Forbes India and Overdrive.
Whereas, TV18 Broadcast Ltd is the subsidiary of Network18 that manages the primary business of broadcasting and runs the largest news network within India ranging from business news, general news, and regional news. The parent company, Network18, owns a 51.17 percent stake in TV18 Broadcast.
Network18 is held by 5.64 percent of FIIs and only 0.03 percent of DIIs, aggregating to 5.67 percent of institutional holding. The company’s revenues from operations grew 5.83 percent from Rs. 5,880.19 Crores in FY22 to Rs. 6,223 crores in FY23, accompanied by losses of Rs. 16 crores in FY23.
On the other side, TV18 Broadcast has a market cap of Rs. 11,048 crores and
is held by 8.55 percent of FIIs and 3.11 percent of DIIs, aggregating to 11.66 percent of institutional holding. The company’s revenues from operations grew 6.98 percent from Rs. 5,526.18 Crores in FY22 to Rs. 5,912.09 crores in FY23, accompanied by profits of Rs. 116.18 crores in FY23.
Written by Shivani Singh
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