India's DEN Networks up nearly 7% after Q4 profit more than doubles

Den Networks

17/04/2023 06:41

** Shares of TV channel distributor DEN Networks  DENN.NS  
rise as much as 6.7% to 30.90 rupees, sharpest intraday pct gain
since Dec. 14
    ** Co on Friday said its Q4 consolidated net profit more
than doubled Y/Y to 1.34 billion rupees ($16.35 million), while
its revenue dropped 6.8%
    ** Stock above 50-day simple moving average, but below
100-day and 200-day SMAs
    ** Moving average convergence divergence (MACD) line above
the signal line since Apr. 6, indicating bullish bias
    ** More than 1 mln shares change hands by 10:55 a.m. IST,
1.7x the 30-day avg
    ** Stock down 16.9% YTD, as of last close

($1 = 81.9700 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))