Network18 Media spurts on bargain hunting
Mar 27, 2023 03:01 PM | Source: capitalmarket.com
Network18 Media & Investments rose 6.41% to Rs 55.60 on bargain hunting after a recent steep fall.
Shares of Network18 Media & Investments slumped 12.14% in the past three sessions.
The stock hit a 52-week low of Rs 48.35 on 20 March 2023. It hit a 52-week high of Rs 117.40 on 27 April 2022.
The stock underperformed the market over the past one month, slipping 4.61% compared with 2.30% fall in the Sensex.
The scrip underperformed the market in past one quarter, sliding 16.84% compared with 4.93% decline in the Sensex.
The scrip underperformed the market in past one year, skidding 36.09% compared with 0.98% rise in the Sensex.
On the technical front, the stock's daily RSI (relative strength index) stood at 38.42. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 59.30, 62.97 and 65.62, respectively. These levels will act as strong resistance in the near term.
Network18 Media & Investments (Network18 Group) is a diversified media and entertainment (M&E) conglomerates, with interests across television, digital content, filmed entertainment, e-commerce, print and allied businesses. TV18 Broadcast, a subsidiary of Network18, manages its primary business of broadcasting. It runs the largest news network in India, spanning business news general news, and regional news.
On a consolidated basis, the media company reported a net loss of Rs 7.68 crore in Q3 FY23 as against a net profit of Rs 97.10 crore posted in Q3 FY22. Revenue from operations was at Rs 1,850.49 crore in Q3 FY23, registering a YoY growth of 11.65%.