Emami, DLF, Zee Entertainment, TVS Motor, TV18 Broadcast hits 52-week high
Bajaj Electrical, Eveready Industries, PC Jeweller, Symphony, V-Guard Industries and Westlife Development from the consumer related sectors, too, hit 52-week high today.
TV18 Broadcast rallied 9% to Rs 55.10, extending its Friday’s 10% surge on the BSE on back of more than two-fold jump in trading volumes. A combined 49.7 million equity shares representing 2.9% of total equity of TV18 Broadcast have changed hands on the BSE and NSE till 01:23 PM.
On October 18, 2017, CARE Ratings, the credit rating agency, had assigned credit rating of CARE A+ to the TV18 Broadcast’s commercial paper programme aggregating to Rs 400 crore.
A strong parentage and the company’s ability to achieve sustainable profitability while maintaining its leadership position remain the key rating sensitivities. Further, the ratings are also sensitive to the recovery in advertisement revenues post Goods and Services Tax (GST) implications, CARE said in a statement.
Emami hit its 52-week high of Rs 1,332, up 6%, is just 2.7% away from its all-time high of Rs 1,368 touched in August 5, 2015 in intra-day trade.
Since October 25, post September quarter results, the stock has outperformed the market by gaining 14% after the company posted a 49% surge in its net profit on a 10% rise in sales volume and a 7% increase in earnings.
“Post GST, the wholesale channels are yet to recover completely from the impact, which we expect to improve in the second half (October-March) of the year. International business is also back on track riding on the base effect of last year’s performance. The SAARC regions and Africa did particularly well,” said Mohan Goenka, director, Emami while announcing Q2 results.