India's TV Today Network reverses course to drop on profit slump

TV Today Network

11/11/2022 09:08

** TV Today Network Ltd's shares  TVTO.NS  gives up earlier
gains to fall as much as 4.8% after Q2 results
    ** Broadcaster reports Q2 profit fell 58% to 19.72 bln
rupees (~$244 mln) on higher costs
    ** Rev from ops grew 6.4%, but was more than offset by a
production cost soaring about 52%
    ** Stock opened higher and rose as much as 1.7% before
reversing course after the Q2 report
    ** Stock posts biggest intra-day pct. loss since Sept. 16
    ** ~195,000 shrs traded by 0857 GMT vs 30-day avg of 62,424
    ** Stock last down ~3%, extending YTD losses to ~36%
  
 ($1 = 80.8400 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))