New channel boosts BAG Films

STOCKS IN THE NEWS

The shares of BAG Films & Media appreciated by 11.2 per cent on Friday. The weekly gain has been much higher, as BAG Films strengthened by 51 per cent from Rs 28.05 to Rs 42.30 on the BSE.

The strong price movement is attributed to the unveiling of company's second channel E24, the country's first entertainment and news channel, on March 27, 2008.

NEWS 24 left behind older players in the news market such as Sahara Samay and India Live in the latest TRP ratings. With its presence on TATA sky, the channel hopes to reach out to more viewers and earn premium for its brand of news telling.

FID Funds Mauritius, a foreign institutional investor (FII), bought a 9.14 per cent stake in the company through private placement last week.

The company has posted 45 per cent jump in net profit to Rs 3.79 crore (Rs 2.62 crore) in the first nine months ended December 2007. The company had reported net profit of Rs 3.36 crore in 2006-07.