TV18 Broadcast’s shares jump 8% on strong Q1 earningsseo

With the BSE Sensex crossing the significant 67,000-level milestone today, Indian headline indices once again reached record highs. As shares of NTPC Ltd climbed more than 4%, BSE Utilities and BSE Power were the best-performing sectors, with gains of more than 1.5% each. The indices then reversed their earlier gains to trade flat, while broader indices outperformed the main indices significantly. 

After the company declared its quarter performance, TV18 Broadcast Ltd was one of the top gainers in the BSE Smallcap group. Shares of the company soared more than 8% to an intraday high of Rs 43.45 per share. The stock has climbed more than 20% in the last year and is currently trading at a 52-week high of Rs 45.20 per share on the BSE. 

The company stated that the Indian Premier League (IPL) streaming on JioCinema was the primary contributor to the consolidated operational revenues of Rs 3,176 crore for the quarter ending June 2023, growing 151% from a year ago. 

The company also set a fresh benchmark for digital streaming with an IPL total reach of about 450 million, a final match reach of 120 million, a peak concurrency of 32 million, and an average user watch time of 60 minutes. Also, Bigg Boss OTT has been inarguably the biggest success on the platform with 42 million viewers. 

The company claimed that JioCinema has quickly become the top OTT in the country thanks to the direct-to-OTT release of the eagerly awaited movie Bloody Daddy, the second season of Asur, which is the only Indian program to rank in the top 50 IMDB shows, and Bigg Boss, which features a 24-hour non-stop feed and multi-cam action. 

TV18 Broadcast Ltd is engaged in activities spanning across broadcasting, digital content and allied businesses. Keep a close eye on this stock for the upcoming sessions!   

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.