Nifty Media index surges 1% amid weak markets; TV18 Broadcast skyrockets 12% post Q3 earnings

19 Jan 2022 , 01:24 PM

Nifty Media index rose 1% amid bearish markets on Wednesday. TV18 Broadcast hit a near 52-week high during intraday trade post Q3 earnings. Nazara Technologies was also bullish.

Sensex, Nifty 50 were deep in red dragged by financial, IT shares. Globally markets took a beating as a surge in crude oil prices stoked inflationary concerns and sent US bond yields higher, adding to fears of earlier-than-expected Fed rate hikes. A fresh round of FPI selling also weighed on the sentiment.

At around 1.15 pm, BSE Sensex was trading at 60,090.89 down 663.97 points or 1.09% and Nifty50 at 17,923.70 down 189.35 points or 1.05%.

Nifty Media was trading at 2,324.95 up 23.55 points or 1.02%, after touching a high of 2,330.95 and low of 2,285.55 during intraday trade.

Shares of TV18 Broadcast surged 12% to Rs55.15 in Wednesday’s intra-day trade on the BSE near 52-week high of Rs55.80 per share, after the company reported its highest-ever consolidated operating EBITDA at Rs355cr with margins of 22.7% for October-December 2021 quarter (Q3FY22). In Q3FY21, operating EBITDA and margin stood at Rs321cr and 23.6%, respectively. 

Strong revenue growth momentum continued during the quarter as the company reported its highest-ever quarterly revenue of Rs1,567cr, up 15.1% yoy.  However, consolidated PAT de-grew 17.5% yoy to Rs311cr from Rs377cr in a year ago quarter. It was trading 7% higher at Rs52.60 per piece.

Nazara Tech surged 4.4% at Rs2,480.00 per piece. Gaming and sports media company Nazara Technologies on Tuesday announced that it has entered an agreement to acquire a 55% stake in programmatic advertising and monetization company Datawrkz valuing the company up to Rs225cr linked to CY 22 EBITDA performance.

Inox Leisure also advanced 2.3% while Network18 was also 1.8% higher post Q3 earnings. DishTV and ZEEL were under pressure.