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NDTV net profit up 31.6% to Rs 29.87 crore in December quarter

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NDTV net profit up 31.6% to Rs 29.87 crore in December quarter

Media company New Delhi Television Limited (NDTV) on Wednesday reported a 31.64% rise in its consolidated net profit to Rs 29.87 crore in the third quarter ended December 2021.

In a BSE filing, NDTV said the company posted a net profit of Rs 2,269 crore in the October-December quarter last year.

During the quarter, its operating income rose 9.94% to Rs 1,163.6 crore compared to Rs 1,058.3 crore in the corresponding period of the previous fiscal.

NDTV’s total expenditure stood at Rs 84.12 crore, up 2.08% in Q3/FY 2021-22 against Rs 82.40 crore.

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Shares in New Delhi Television Ltd closed at Rs 117.25 on the BSE on Wednesday, up 1.34% from the previous close.

Complete News Source : Business Standard

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LIC DRHP unlikely to reveal size of IPO; Board to meet again on Sunday

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LIC DRHP unlikely to reveal size of IPO; Board to meet again on Sunday

The Indian Life Insurance Company’s board on Friday approved the insurer’s initial public offering in principle, but requested certain clarifications and minor changes to the draft IPO documents, people familiar with the matter said.

If the issues are resolved to clear the draft red herring prospectus (DRHP), the 15-member board could meet again in the evening or even Saturday morning, these people said.

The DRHP is expected to be submitted by Monday at the latest, but may also be submitted on the weekend.

“The situation is very fluid. Every comma and full stop is being checked and rechecked, which is a huge amount of work because of the size of the LIC,” said one of the people. “Board members have been told to meet at short notice, so … work is in full swing,” the person said.

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“There’s some process to follow, which is why the filing on Friday was delayed, but we’re very close and it’s going to happen in days or even hours,” said a second person involved in the process.

Actuarial firm Milliman Advisors fixed the company’s embedded value (EV) at Rs 500 crore. EV is a financial measure of a life insurance company’s future cash flow. Insurers are valued at multiples of EV.
“Currently, it is fair to assume that LIC is valued at 3.5 times its embedded value for a total market valuation of Rs 175 crore,” said Manish Ostwal, an analyst at Nirmal Bang Securities.

Ostwal said HDFC Life, the most highly valued life insurer today, has a market valuation of Rs 1.25 crore, more than four times the EV of Rs 30,000 crore as of December.

Complete News Source : ECONOMICTIMES

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