Music Broadcast Limited, the leading Radio broadcasting stations company recorded upper circuit momentum in share price of Rs.21.35 per piece on Sensex during Friday's opening session, resulting in an enormous 20 percent gain. Investors are keen to buy Music Broadcast shares, despite the company recorded a net loss of Rs6.49cr for the quarter ending September 2020 (Q2FY21). IN the corresponding period of last year the company had recorded a net profit of Rs18.51 crore. In June 2020 quarter, the company reported a loss of Rs13.89 cr.
The Broadcast company’s operational Revenue stood at Rs30.08cr in the quarter under review, compared to Rs62.53 cr in the corresponding period of the previous year. The latest revenue has improved as against the previous quarter where profit was at Rs14.36 cr. According to the Director of the Company, it reports that - The gradual opening up of the economy has led to a partial recovery in business sentiments and the M&E sector has also followed a similar trajectory with improving performance in each month with an increase in ad volumes in the September quarter as compared to June quarter. It also add, At MBL the company have maintained its focus on new revenue initiatives, securing long term deals and tactical innovations which resulted in Radio City outperforming the industry yet again with a growth of 171 percent in ad volumes sequentially and continued leadership in market share.
Looking to the share price movement of Music Broadcast at the mid-morning session market Friday, share price quoted at Rs.21.35 per share, up by 19.94 percent or Rs.3.55 from the previous closing on the NSE.
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