Music Broadcast rose 1.97% to Rs 386 at 14:55 IST on BSE after the company announced an exclusive collaboration with Apple Music.
The announcement was made after market hours today, 7 September 2017.Meanwhile, the S&P BSE Sensex was up 16.81 points, or 0.05% to 31,678.78.
On the BSE, 29,000 shares were traded in the counter so far, compared with average daily volumes of 11,505 shares in the past one quarter. The stock had hit a high of Rs 395 and a low of Rs 382.10 so far during the day. The stock hit a record high of Rs 420 on 17 March 2017. The stock hit a record low of Rs 332.90 on 23 May 2017.
The stock had outperformed the market over the past one month till 6 September 2017, rising 7.50% compared with 1.10% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11% as against Sensex's 1.44% rise.
Shares of Music Broadcast entered the stock exchanges on 17 March 2017. The stock debuted at Rs 420, a premium of 26.13% to the initial public offer (IPO) price of Rs 333 per share. On that day, it settled at Rs 373.15 on BSE, a premium of 12.06% over the IPO price.
The small-cap company has equity capital of Rs 57.05 crore. Face value per share is Rs 10.
Radio City 91.1FM, a part of Music Broadcast, will offer thematic playlists to Apple Music users. The exclusive tie-up will allow music lovers across the country to enjoy a world-class music experience through dynamic playlists curated by the FM authority in India. Radio City will curate playlists that reflect six distinct themes, giving music fans an opportunity to enjoy music that resonates with their personal tastes. All playlists will be dynamic and will be updated on basis of current trends and consumer preferences, it said.
Shares of Music Broadcast rose 3.15% to settle at Rs 378.55 yesterday, 6 September 2017, after the company announced that Radio City partnered with Lucknow Metro Rail Corporation (LMRC) to create customised content packages during peak and off-peak hours respectively, which comprises of songs jingles and a special trivia. The announcement was made after market hours on Tuesday, 5 September 2017.
Shares of Music Broadcast have risen 5.18% in two trading sessions from its close of Rs 367 on 5 September 2017.
Net profit of Music Broadcast rose 42.26% to Rs 10.84 crore on 11.89% rise in net sales to Rs 70.31 crore in Q1 June 2017 over Q1 June 2016.
Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City. It currently has 39 radio stations, including 11 newly acquired stations in Phase III auctions.
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