India's Jagran Prakashan tumbles on Q2 profit fall

Jagran Prakashan

07/11/2022 06:40

** Shares of Jagran Prakashan  JAGP.NS  fall as much as 8.4%
to 67 rupees, their biggest intraday pct loss since Feb. 24
    ** The publisher of Dainik Jagran, India's most read Hindi
daily, reported 16.6% fall in Q2 net profit late Friday
    ** Higher newsprint prices more than offset rise in ad spend
    ** JAGP had gained ~11% last week in run-up to results
    ** Stock has rallied about 55% since its yr-low in mid-June
and largely traded above its 50- and 100-day moving avgs since
early-Aug
    ** Trading vol tops 1 mln by 0635 GMT vs 30-day moving avg
of ~901,000 shares
    ** Stock last down 7.2%, nearly halving YTD gains to 9.6%
 
 ($1 = 82.1825 Indian rupees)
 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))