NDTV soars 16% in 2 days on plan to re-start Profit channel after 6 years

The board of Adani Group-backed NDTV on November 28 announced resuming activities of NDTV Profit channel from December 8. Earlier this year, the Adani Group acquired a majority stake in the media company

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The New Delhi Television (NDTV) stock extended gains on November 29, rocketing over 16 percent in two days after the company approved a proposal to re-commence regular operations of the NDTV Profit channel in December.

At 10.18 am, the stock was trading at Rs 231.10 on the National Stock Exchange, up 0.52 percent from the previous close. In the past month, NDTV has surged over 18 percent against a 4 percent rise in the benchmark Sensex.

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On November 27, the board of Adani Group-backed NDTV announced approval to resume activities of the business news channel from December 8, the company said in a stock exchange filing.

Earlier this year, the Adani Group bought a majority stake in the New Delhi-based company from founders and promoters Radhika and Prannoy Roy. The group holds around 64.7 percent stake in the news company.

In June 2017, the company, which was still owned by the Roys, had informed shareholders about pausing regular business programming of the business news channel – NDTV Profit.

According to reports, NDTV also plans to launch regional news channels — NDTV Gujarati and NDTV Marathi —in the coming months, complementing its flagship channels NDTV India in Hindi and NDTV 24×7 in English.

That apart, NDTV Rajasthan and NDTV Madhya Pradesh/Chhattisgarh have already been launched.

ALSO READ: NDTV Q2 Results: Net profit falls 51% amid advertising woes

In the September quarter, NDTV reported a 51 percent year-on-year (YoY) drop in net profit. The company’s revenue declined 10 percent YoY to Rs 95 crore. It total expenses were 1.6 percent higher from the year-ago period.

Analysts at Emkay Global believe that broadcasters are seeing gradual recovery in their advertising revenue as FMCG companies have started ramping up spending.

“Higher cost inflation continues to hurt advertisers, who have restricted any meaningful spend on broadcasters,” the brokerage firm had said in an earlier note.

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