NDTV takes a long jump on the streets

The month of August has bought good cheer to the New Delhi Television scrip, and month of September has started on a high note. The scrip of the company, on Sept 1, has opened at 86.20 and as at 10.09 am is trading at Rs 94.80, up by 11.53 per cent.  

On Aug 20, company won the income tax appeal for the assessment year 2008-09 and 2009-10. In the case, Income Tax Department wanted NDTV to pay higher amount of tax, adding to Rs 22.09 crores. On the appeal made by the media house, Income Tax Appellate Tribunal rejected all the appeals except one.  On Aug 25, company informed bourses that it has launched its hindi news channel, “NDTV India” and “NDTV Spice” on Virgin Cable in UK. 

On Aug 5, company had declared its Q1FY17. In Q1, company has posted a net loss of Rs 38.36 crores. Company has continued its loss making spree. However, after the recent tax relief company is expected to come in green in the upcoming quarters.

Barring Q1FY17 results all the activity in the month of August has fared well for the media company. On the other hand, Sensex and Nifty were both strong and trading in green. As at 11.13 am, Sensex is trading at 28501, up by 50 points and Nifty at 8,800, up by 14 points ahead of Reliance AGM meet.