Music Broadcast rose 1.09% to Rs 371 at 10:27 IST on BSE after the company said it has partnered with Lucknow Metro Rail Corporation to offer specialized content across all Lucknow Metro stations.
The announcement was made after market hours yesterday, 5 September 2017.Meanwhile, the S&P BSE Sensex was down 178.07 points, or 0.56% to 31,631.48.
On the BSE, 852 shares were traded in the counter so far, compared with average daily volumes of 11,462 shares in the past one quarter. The stock had hit a high of Rs 373.80 and a low of Rs 368.45 so far during the day. The stock hit a record high of Rs 420 on 17 March 2017. The stock hit a record low of Rs 332.90 on 23 May 2017.
The stock had outperformed the market over the past one month till 5 September 2017, rising 4.48% compared with 1.44% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.86% as against Sensex's 1.72% rise.
Shares of Music Broadcast entered the stock exchanges on 17 March 2017. The stock debuted at Rs 420, a premium of 26.13% to the initial public offer (IPO) price of Rs 333 per share. On that day, it settled at Rs 373.15 on BSE, a premium of 12.06% over the IPO price.
The small-cap company has equity capital of Rs 57.05 crore. Face value per share is Rs 10.
Radio City, a part of Music Broadcast, has partnered with Lucknow Metro Rail Corporation (LMRC) to create customised content packages during peak and off-peak hours respectively, which comprises of songs jingles and a special trivia.
Net profit of Music Broadcast rose 42.26% to Rs 10.84 crore on 11.89% rise in net sales to Rs 70.31 crore in Q1 June 2017 over Q1 June 2016.
Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City. It currently has 39 radio stations, including 11 newly acquired stations in Phase III auctions.
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