Intraday Spotlight: Why did NDTV hit a 20 per cent upper circuit today?
The company has reported the most profitable quarter in nine years.
New Delhi Television (NDTV) is an Indian news media company focusing on broadcast and digital news publication was among the top gainers on the BSE intraday today. The stock hit its 20 per cent upper circuit in the early trade session today. But, Why did this happen?
The reason behind this sudden growth in stock price is a strong set of Q3 numbers. The company has reported growth of 9.94 per cent YoY and 27.57 per cent QoQ in revenue from the operation which stands at Rs 116.36 crore against Rs 105.83 crore of the corresponding period. The net profit of the company is Rs 29.87 crore with 31.64 per cent YoY basis growth and 139.34 per cent QoQ basis growth. The corresponding margins expanded to 25.46 per cent in Q3FY22 from 20.66 per cent in the year-ago period.
In a press release, the management of the company has stated Q3Y22 as the most profitable quarter in the last 9 years. Management also stated that NDTV’s financial position has further strengthened. The external liabilities for the Group have decreased by Rs 69.2 crore so far in this financial year and bank borrowings for the Group have also shrunk by Rs 42.8 crore year-to-date.
In the early trade session on Thursday, the stock of New Delhi Television (NDTV) hit its 20 per cent upper circuit and trading was halted at Rs 140.70, up by 20 per cent or Rs 23.45 per share. The 52-week high of the scrip is recorded at Rs 143.0 and the 52-week low at Rs 43.85 on the BSE.