Entertainment Network shares gain 3% as Radio Mirchi gets FM licence for 21 new cities
NEW DELHI: Shares of Entertainment Network (India) gained as much as 3 per cent in morning deals on Tuesday after the company, that runs FM radio channel Radio Mirchi, said it has acquired licence to operate in 21 new cities.
The scrip was trading 2.38 per cent up at Rs 823 around 11.15 am. Shares of the company opened at Rs 800 and touched a high and low of Rs 828.40 and Rs 800, respectively, in trade so far. Benchmark BSE Sensex was trading almost flat at 28,810.
The second batch of phase-3 auction was held between October 26 to December 14 last year.
ENIL, a part of the Times Group that publishes The Economic Times, spent a total of Rs 51.3 crore to acquire the new frequencies in cities like Akola, Amravati, Asansol, Bharuch, Bhavnagar, Durg, Jamnagar, Jhansi, Junagarh, Mysuru, Puducherry, Siliguri, Ujjain and Warangal.
"After this batch of auctions, Entertainment Network India Ltd (ENIL) has acquired licenses in 21 new cities," the company said in a BSE filing.
"With these 21 cities, the core of Mirchi brand will expand its footprint deeper into strategically important and fast growing cities and states," it said.
The company's presence will increase to 64 cities from 43 cities in India. ENIL had posted a revenue of Rs 508.6 crore and a profit after tax of Rs 100 crore in 2015-16, the company added.
The scrip was trading 2.38 per cent up at Rs 823 around 11.15 am. Shares of the company opened at Rs 800 and touched a high and low of Rs 828.40 and Rs 800, respectively, in trade so far. Benchmark BSE Sensex was trading almost flat at 28,810.
The second batch of phase-3 auction was held between October 26 to December 14 last year.
ENIL, a part of the Times Group that publishes The Economic Times, spent a total of Rs 51.3 crore to acquire the new frequencies in cities like Akola, Amravati, Asansol, Bharuch, Bhavnagar, Durg, Jamnagar, Jhansi, Junagarh, Mysuru, Puducherry, Siliguri, Ujjain and Warangal.
"After this batch of auctions, Entertainment Network India Ltd (ENIL) has acquired licenses in 21 new cities," the company said in a BSE filing.
"With these 21 cities, the core of Mirchi brand will expand its footprint deeper into strategically important and fast growing cities and states," it said.
The company's presence will increase to 64 cities from 43 cities in India. ENIL had posted a revenue of Rs 508.6 crore and a profit after tax of Rs 100 crore in 2015-16, the company added.
