TV Today Network freezes at 20% upper circuit; stock hits over 3-year high

 

Shares of TV Today Network were locked at the 20 per cent upper circuit at Rs 413.15 on the BSE on Tuesday amid heavy volumes. Over 5 per cent equity of the company has, so far, changed hands on the counter. The stock of the broadcasting & cable TV operator was trading at its highest level since October 2018.

Till 11:53 am, a combined 3.27 million equity shares, representing 5.5 per cent of total equity of TV Today Network, has changed hands on the NSE and BSE. Moreover, there were pending buy orders for a combined 568,002 shares on both the exchanges, data shows. The names of the buyers and sellers could not be ascertained immediately.

In the past one month, the stock has outperformed the market by surging 43 per cent on strong set of numbers for the quarter ended September (Q2FY22). In comparison, the S&P BSE Sensex was down 1.2 per cent during the same period.

For Q2FY22, TV Today Network's consolidated net profit rose 69 per cent year on year (YoY) at Rs 46.98 crore as against Rs 27.74 crore in the year-ago quarter. Revenue from operations grew 28 per cent YoY to Rs 226 crore from Rs 177 crore in Q2FY21.

"Television segment revenues are expected to grow at a CAGR of 7 per cent to reach Rs 84,700 crore by 2023 driven by increased base of subscribers as households continue to get televised and TV’s price competitiveness as against [OTT + data] alternatives. Subscription income would grow 5 per cent to reach Rs 45,600 crore on the back of fresh content, several marquee sports events and pending movie releases, though ARPUs may face regulatory hurdles," TV Today Network said in FY21 annual report.

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