Shares of this penny stock under Rs 20 jumped approximately 4 percent in Thursday’s trading session after the company successfully partnered with JioTV. In the past six months, the company’s stock gained more than 30 percent for its holders.
With a market capitalization of Rs 632.26 crores, the stocks of Music Broadcast Limited opened their trading hour on Thursday at Rs 17.65 and closed the session at Rs 18.29, gaining approximately 4 percent compared to the previous close of Rs 17.64 apiece.
Such bullish share price behavior was observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about the launch of its video channel under the “Radio City” brand on JioTV, an Indian streaming television service owned by Jio Platforms.
Through this association, Radio City becomes the ‘first-ever’ radio station in India to introduce a 24×7 video channel under the banner of RC Studio. Radio City will be able to reach out to JioTV’s massive audience base across the country.
The initiative discussed above will be significant for the company to bridge the gap between different audience segments and expand Radio City’s reach to larger demographics.
Having a glance at the recent financial statements, the company’s primary indicators of business, viz, its operating revenues as well as after-tax profits, reported a stellar financial performance with the former jumping from Rs 52.44 crores during Q2FY24 to Rs 60.44 crores during Q3FY24, and the latter, keeping the timeframe the same, shifting up drastically from Rs 37 lakhs to Rs 2.57 crores.
According to the latest presentations, the company reported approximately 31 percent from various sources such as proactive pictures, digital ventures, sponsorships, properties, and special events. In addition, the company is investing in digital technology to match audience preferences.
Music Broadcast Limited is a company based in India that is primarily engaged in the operations of private Frequency Modulation (FM) radio stations in India. It operates approximately 39 stations across 12 states. Moreover, the company, through its digital interface, also operates approximately 17 web stations.
Written by Amit Madnani
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