Mahanagar Telephone Nigam Ltd, Menon Bearings Ltd, Orbit Exports Ltd and Sanghi Industries Ltd are among the other gainers in the BSE's 'B' group today, 23 October 2020.

Music Broadcast Ltd soared 19.94% to Rs 21.35 at 12:07 IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 8.57 lakh shares were traded on the counter so far as against the average daily volumes of 26884 shares in the past one month.

Mahanagar Telephone Nigam Ltd spiked 19.91% to Rs 10.72. The stock was the second biggest gainer in 'B' group. On the BSE, 10.24 lakh shares were traded on the counter so far as against the average daily volumes of 1.3 lakh shares in the past one month.

Menon Bearings Ltd surged 17.77% to Rs 51.7. The stock was the third biggest gainer in 'B' group. On the BSE, 39308 shares were traded on the counter so far as against the average daily volumes of 6255 shares in the past one month.

Orbit Exports Ltd jumped 15.78% to Rs 68.6. The stock was the fourth biggest gainer in 'B' group. On the BSE, 8234 shares were traded on the counter so far as against the average daily volumes of 2630 shares in the past one month.

Sanghi Industries Ltd rose 11.68% to Rs 29.65. The stock was the fifth biggest gainer in 'B' group. On the BSE, 4.49 lakh shares were traded on the counter so far as against the average daily volumes of 92483 shares in the past one month.

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The issue price will be Rs 100 per share, including a premium of Rs 90 and face value of Rs 10. The total issue size will be worth Rs 90 crore, and the coupon rate for the same will be 0.1%. The NCRPS will be redeemed on the expiry of 36 months from the date of allotment, the company said. The record date is to be determined in due course with the redemption price been fixed at Rs 120.

The company reported Q2 September 2020 results after market hours yesterday, 22 October 2020. Music Broadcast, also known as Radio City, posted a net loss of Rs 6.49 crore in Q2 September 2020 compared with net profit of Rs 18.51 crore in Q2 September 2019. Net sales tumbled 52% to Rs 30 crore in Q2 September 2020 over Q2 September 2019. Continued cost control led to faster improvement in profitability, the company said.

Commenting on the results, Apurva Purohit, Director said, The gradual opening up of the economy has led to a partial recovery in business sentiments and the M&E sector has also followed a similar trajectory with improving performance in each month with an increase in ad volumes in the September quarter as compared to June quarter. With the festive season round the corner, we expect the pace of recovery to sustain in the coming quarter too. At MBL we have maintained our focus on new revenue initiatives, securing long term deals and tactical innovations which resulted in Radio City outperforming the industry yet again with a growth of 171% in ad volumes sequentially and continued leadership in market share. Our focus on cost prudency and improving collections has helped us further strengthen our Balance Sheet and we continue to maintain a healthy liquidity position with more than Rs.243 Crores as cash and investments with zero debt. This quarter we achieved positive Cash Profits and expect an improving performance hereon.

Radio City, a part of Music Broadcast is a subsidiary of Jagran Prakashan. Being the first FM radio broadcaster in India and with over 18 years of expertise in the radio industry.

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Net loss of Music Broadcast reported to Rs 6.49 crore in the quarter ended September 2020 as against net profit of Rs 18.51 crore during the previous quarter ended September 2019. Sales declined 51.90% to Rs 30.08 crore in the quarter ended September 2020 as against Rs 62.53 crore during the previous quarter ended September 2019.

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Music Broadcast will hold a meeting of the Board of Directors of the Company on 22 October 2020.

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