Next Mediaworks shares hit upper circuit on TV reports that Rakesh Jhunjhunwala has invested Rs 35 crore in the company’s subsidiary Next Radio. The share price of Next Mediaworks surged 19.88 per cent to Rs 20.50.
The scrip opened at Rs 16.65 and touched a high and low of Rs 20.50 and Rs 16.55, respectively, in trade. Sensex was trading 177.29 points, or 0.69 per cent, up at 25,804.
Next Radio is engaged in the business of private FM broadcasting and has established “Radio One” as a premium FM brand in the country, with operations in 7 citiies at Delhi, Mumbai, Chennai, Kolkata, Bangalore, Pune and Ahmedabad.
In the past one year, the share price of Next Mediaworks gained 11.84 per cent to Rs 17.10, whereas BSE Sensex slid 11.77 per cent during the same period.
For the quarter ended December 2015, the company reported a consolidated net profit of Rs 1.58 crore, down 15.05 per cent, against Rs 1.86 crore in the same quarter last year.