Tv Today Network share price: TV Today jumps 6% as Sunil Singhania’s PMS Abakkus buys 8 lakh shares

NEW DELHI: Shares of rose nearly 6% on Wednesday, extending their winning streak, as PMS Abakkus Asset Manager of Sunil Singhania bought 800,000 shares of the company at Rs 345 per share in a deal in big on BSE.

The meter peaked at Rs 426.40 on the National Stock Exchange, against the previous close of Rs 402.70.

According to BSE wholesale trading data, the trade was completed on Tuesday. Shares of TV Today had climbed 17% on Tuesday.

Over the past month, TV Today Network’s stock price topped the broader market by jumping over 45 percent on a healthy set of numbers for the previous quarter. As on Wednesday, S&P BSE Sensex had fallen 1.2% during the same period.

During the July-September quarter, TV Today Network’s consolidated net profit jumped 69% year-on-year to Rs 46.98 crore from Rs 27.74 crore a year ago. Operating income during said quarter jumped 28% year-on-year to Rs 226 crore from Rs 177 crore a year ago.

“TV segment revenues are expected to grow at a CAGR of 7% to Rs 84,700 crore by 2023 thanks to the increase in subscriber base as households continue to be televised and competitiveness TV prices compared to [OTT + data] alternatives, ”the company said in a note.