 "Entertainment Network hits 52-week high on M&A plan in FM radio")
Shares of Entertainment Network (India) has surged 15% to Rs 635 on NSE after the company said it is exploring merger and acquisition (M&A) opportunities in the FM broadcasting space.
The stock opened at Rs 581 and hit a 52-week high of Rs 639 on NSE. The trading volumes on the counter more than doubled with a combined 264,612 shares changed hands till 1124 hours on BSE and NSE.
“The board of directors of the company at its meeting held on February 10, 2015, inter alia, has approved the constitution of a committee of directors to explore, negotiate and conclude M & A opportunities in the FM broadcasting space,” Entertainment Network said in a statement.
Entertainment Network operates in two segments: Radio Broadcasting, which consists of the activities relating to airtime sales and events, which consist of activities relating to management of events, creating and marketing media properties. The Company operates its radio broadcasting business under the brand Radio Mirchi with a network of approximately 15 states with 32 stations.
Meanwhile, the company has reported 27% year on year (yoy) jump in its consolidated net profit at Rs 32.84 crore for the third quarter ended December 31, 2014 (Q3), on back of strong operational revenues. The company had profit of Rs 25.88 crore in a year ago quarter.
Income from operations grew 19% at Rs 117 crore on yoy basis.
The stock opened at Rs 581 and hit a 52-week high of Rs 639 on NSE. The trading volumes on the counter more than doubled with a combined 264,612 shares changed hands till 1124 hours on BSE and NSE.
“The board of directors of the company at its meeting held on February 10, 2015, inter alia, has approved the constitution of a committee of directors to explore, negotiate and conclude M & A opportunities in the FM broadcasting space,” Entertainment Network said in a statement.
Entertainment Network operates in two segments: Radio Broadcasting, which consists of the activities relating to airtime sales and events, which consist of activities relating to management of events, creating and marketing media properties. The Company operates its radio broadcasting business under the brand Radio Mirchi with a network of approximately 15 states with 32 stations.
Meanwhile, the company has reported 27% year on year (yoy) jump in its consolidated net profit at Rs 32.84 crore for the third quarter ended December 31, 2014 (Q3), on back of strong operational revenues. The company had profit of Rs 25.88 crore in a year ago quarter.
Income from operations grew 19% at Rs 117 crore on yoy basis.