Positive result of Hathway Cable boosts media stocks
DSIJ Intelligence / 03 Nov 2017
The prices of media stocks saw a rare upsurge on Friday, triggered by positive results posted by Hathway Cable & Datacom Limited (Hathway). The stock of Hathway Cable is locked in upper circuit at Rs. 38.15 per share, up by 19.97%.
The prices of media stocks saw a rare upsurge on Friday, triggered by positive results posted by Hathway Cable & Datacom Limited (Hathway). The stock of Hathway Cable is locked in upper circuit at Rs. 38.15 per share, up by 19.97%.
Hathway Cable's subscription revenues grew 6% QoQ, while EBITDA grew 20% QoQ. The company turned profitable in Q2FY18 by reporting net profits of Rs. 14 crore as against loss a Rs 40.4 crore in the corresponding period last fiscal. Hathway Cable is an Indian Multi System Operator (MSO) & Cable Broadband service providers.
The Nifty Media index was at 3,183.40, up by 2.05% in post-lunch hours. Other media stocks that rallied included newly listed Den Networks at Rs. 92.15 per share, up by 9.70%; TV Today Network was at Rs. 378.10, up by 5.51%, Navneet Education was at Rs. 176.80, up by 5.245, Sun TV Network was at Rs. 878.00, up by 2.72%. Stocks of Zee Entertainment Enterprises (ZEEL), D.B. Corp and DISHTV were also traded up by around 1% on Friday.