Den Networks jumps 4%; increases stake in subsidiary
DSIJ Intelligence / 07 Mar 2017
Den Networks has entered into an agreement with Den Digital Cable Network (DDCN) for increasing its stake in the latter from 51 per cent to 88.57 per cent.
Den Networks has entered into an agreement with Den Digital Cable Network (DDCN) for increasing its stake in the latter from 51 per cent to 88.57 per cent. The company is going to acquire 37.57 per cent stake from existing shareholders for Rs 4.60 crore.
Den Digital Cable is into distribution of cable network in the territory of Gurugram, in the state of Haryana, and this move will help in consolidating the cable business of the company in the state of Haryana.
On the financial front, Den Networks’ revenue has increased 29.71 per cent to Rs 299 crore in Q3FY17 on a yearly basis. The company has witnessed operating profit turn around and posted operating profit of Rs 50.34 crore in Q3FY17 against operating loss of Rs 39.56 crore in Q3FY16. Its net loss has narrowed down from Rs 97.76 crore in Q3FY16 to Rs 45.1 crore in Q3FY17.
The stock price of Den Networks has increased 3.94 per cent in early trade, and is trading at Rs 83.7 on an intraday basis.
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