TV18 Broadcast and Network18 Media shares fall on Q1 losses1 min read . Updated: 13 Jul 2016, 04:08 PM IST
TV18 Broadcast fell 12.98% to `40.90; Network18 Media & Investment closed 9.6% lower at `42.80
Mumbai: Shares of TV18 Broadcast Ltd and Network18 Media & Investment Ltd fell on Wednesday, after both Reliance Industries Ltd group companies posted consolidated net losses for the June quarter.
TV18 Broadcast fell as much as 13.83% on the BSE, its steepest fall since 22 July 2015, to ₹ 40.50 a share, before closing 12.98% lower at ₹ 40.90. Network18 Media & Investment fell 10.67%, its sharpest fall since 26 May 2014, to ₹ 42.30, before closing 9.6% lower at ₹ 42.80.
TV18 Broadcast reported a net loss of ₹ 14.13 crore in June quarter, against a net profit of ₹ 8.46 crore a year ago. Total income fell 23% from a year ago to ₹ 210.69 crore.
Network18 Media & Investment posted a consolidated loss, its 11th loss in the last 12 quarters. The company reported a net loss of ₹ 49.70 crore in the June quarter, against a net profit of ₹ 44.10 crore a year ago. Total income fell 14.4% from a year ago to ₹ 351.89 crore.
Reliance Industrial Infrastructure Ltd and Reliance Industries Ltd—two other companies of the group—will report June quarter earnings later today and on 15 July respectively. Reliance Industrial Infrastructure Ltd closed 0.28% higher at ₹ 441.40 ahead of its earnings. Reliance Industries rose 0.7% to ₹ 1,009.50. The stock has gained in 10 out of 12 trading sessions. Since the last 12 days, the stock gained has 6.8% and so far this year, it is down 0.3%. According to two Bloomberg analysts, RIL may post a consolidated net profit of ₹ 6,510 crore while net sales will be at ₹ 67,750 crore.
Singapore gross refining margins (GRM), a benchmark of profitability for Indian refining companies, declined for the June quarter, sequentially as well as year-on-year (y-o-y). The measure came in at $5 per barrel compared to $7.7 a barrel in the March quarter and $8 a barrel in the June 2015 quarter. Margins declined primarily on account of the decline in gasoline product cracks, Mint reported.