The share price of D B Corp, a media and entertainment company escalated to hit a fresh 52-week high of ₹112.00 apiece. The shares of the company gained a whopping 17% as compared to their previous close of ₹ 95.6 apiece on the National Stock Exchange. Further, they gained 33.83 % in the past month and are trading at ₹ 108.30 levels.
The spurt in the shares was observed largely due to improved sentiments regarding promoter backing getting strong. Adani Power, on Friday, announced that it will buy the thermal power assets of DB Power for an enterprise valuation of around ₹ 7017 crores subject to adjustments on the closing date, for cash consideration. The acquisition is expected to be completed by October 31, 2022.
“The acquisition will help the company to expand its offerings and operations in the thermal power sector in the state of Chhattisgarh,” said Adani Power in an exchange filing.
This transaction is subject to approval from the Competition Commission Of India (CCI) and Diligent Power, the holding company of DB Power. DB Power is a Dainik Bhaskar Group company. On the other hand, D. B. Corp Limited is a print media company, engaged in the sale of newspapers, and magazines. It also earns advertisement revenue and has a presence in radio and digital sectors.
The company recently reported a 62.4% increase in its net sales at ₹ 494.10 crores in the June quarter of 2022 from ₹ 304.26 crores in the corresponding quarter last year. Its quarterly net profit was up 239.41% from ₹ 22.23 crores in June 2021 to ₹ 31.00 crores in the latest quarter.
Written by Simran Bafna
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