India's HT Media hits near 2-wk low after reporting qtrly loss

HT Media

07/11/2022 08:25

** Shares of mass media company HT Media  HTML.NS  fall as
much as 7.24% to 21.15 rupees, hitting lowest level since Oct.
25
    ** Co reported a consolidated net loss of 1.56 bln Indian
rupees ($18.96 mln) for Sept. qtr after a profit of 232.3 mln
year ago 
    ** Revenue from operation rose 10.66% Y/Y to 4.09 bln
rupees. However, it fell 2.58% sequentially
    ** "Profitability of the print business was significantly
impacted by elevated newsprint rates. We are seeing signs of
pressure easing on this front, although the benefit of this will
flow only in later quarters," said Chairperson Shobhana Bhartia
    ** Stock marks sharpest intraday pct loss since June 20    
    ** More than 912,000 shares change hands by 0811 GMT, 3.8X
30-day avg of 242,548 shares
    ** Stock down 17.39% YTD, as of last close
($1 = 82.2900 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))