ITV

Tag: BSE

  • TV18 completes acquisition of Viacom shares

    TV18 completes acquisition of Viacom shares

    MUMBAI: TV18 is now officially in control of the Viacom18 joint venture in which the US partner, Viacom Inc (Viacom), was a majority holder till now with 51 per cent. In an announcement to the Bombay Stock Exchange (BSE), it said that the formalities of the transfer of 1 per cent shares from Viacom’s paid up equity capital to TV18 had been successfully completed.

    A statement to the BSE said, “With this acquisition, the company has acquired control and now holds 51 per cent of the equity share capital of Viacom18.”

    In January, the companies had announced the decision to transfer power in the hands of TV18 for $20 million (Rs 127 crore). In the meantime, deals for content licensing and brands between Viacom and Viacom18 also got extended by a decade.

    Holding more authority, TV18 can understand and execute strategies in the evolving digital India market. It can decide to drop or add new business verticals that can push up the company’s profitability.

    While announcing the plan to shift the power, Viacom International Media Networks CEO David Lynn also pointed out that Viacom18’s association with Network18 would help accelerate growth and even added Jio as one of the catalysts.

    Viacom18 Group CEO Sudhanshu Vats said, “This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase.” Undoubtedly, Vats meant the presence of the network in the digital sphere with Voot. Calling the company a ‘full play media organisation’, Vats stated that the focus will be on ‘enriching the digital life of every Indian’. Jio is likely to play a major role in boosting Viacom18’s presence and reach through its 160 million subscribers. Recently, the telecom company announced that it is positive of touching 99 per cent of India by Diwali (October-November) 2018.

    Also Read:

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    Sudhanshu Vats on Viacom18’s growth strategy and why data analytics is key

    TV18 reports profit for second quarter

  • Den Networks buys 51% in VBS Digital

    Den Networks buys 51% in VBS Digital

    MUMBAI: Multi-system operator Den Networks Ltd (Den) has acquired 51 per cent stake in cable televison distributor VBS Digital Distribution Network Pvt Ltd (VBS Digital) for Rs 2.64 crore in cash. According to Den’s release to the Bombay Stock Exchange, the deal will strengthen the company’s cable TV network in Uttar Pradesh.

    Den provides cable TV distribution and broadband services in 13 states, including Delhi, Uttar Pradesh, Karnataka, and Maharashtra. Incorporated in 2015, VBS Digital posted revenue of Rs 5.82 crore in the financial year ended March 31, 2017.

    Promoters and Goldman Sachs together hold about 61.28 per cent stake in Den. In June 2017, Den had sold its entire stake in TV merchandise channel Macro Commerce Pvt Ltd to focus on the core business.

    Also read:

    Higher subscription & activation lead Den’s turnaround in Q2

    DEN Networks tops as most attractive Cable TV brand: TRA Research

    Nakul Chopra is new BARC chairman

  • Ortel to move broadband business to new entity

    Ortel to move broadband business to new entity

    MUMBAI: Multi-system operator Ortel Communications Ltd plans to incorporate a new wholly owned subsidiary, Ortel Broadband Ltd, in order to operate the broadband business separately. 

    In a release to the Bombay Stock Exchange today, Ortel Communications stated that the board of directors had approved the decision. The company will transfer the broadband business to this new entity subject to requisite approvals.

    The restructuring of the business comes on the back of the company facing severe competition in its core market Odisha and a shortfall in collections and repayment of debt.

    Ortel, with its operations focused in Odisha, Chhattisgarh, Andhra Pradesh, Telengana, West Bengal, and Madhya Pradesh, has been a trendsetter in offering customer-centric broadband plans. 

    Taking a big step towards recovery, the company unveiled its new unlimited data plans starting from Rs 99 per month last week.

    Also read:

    Ortel takes on competition with new broadband plans

    Multiple challenges weaken Ortel numbers in second quarter

  • NDTV to reduce workforce by up to 25%

    NDTV to reduce workforce by up to 25%

    MUMBAI: NDTV Group is undertaking measures to prune its workforce by up to 25 per cent in a bid to bring down costs and improve profitability. The move is a part of turnaround plan that was tabled a few months ago. A part of this plan was implemented in the last  quarter  and  included the much-noted  move  to new  technologies,  including to  mobile journalism. 

    The media company has pointed out that reporters  across  the country are now using mobile phones for the most efficient delivery of breaking news.

    “The strategy we are adopting calls for a far leaner operation, which  will feed only  our core business: our English and Hindi  news  channels, and NDTV Convergence and its digital teams  that  run  our  news  and other  apps and websites,” NDTV’s release to the BSE stated.

    As a result, the company will minimise all ancillary businesses that NDTV  had  expanded  into   over   the   last  few years.  “Given our  reprioritisation, our  workforce has to be altered too. Over  the next  month, we are considering   reduction  of the  workforce by up to 25 per cent,” the release added.

    When we reached out to NDTV, they declined to comment on the release.

    Also Read:

    Hindi news channels alter programming for Gujarat elections

    NDTV Digital narrows NDTV loss in second quarter

    NDTV restructures biz & newsroom amidst reports of layoffs

  • Focus shifts to online streaming for Eros

    Focus shifts to online streaming for Eros

    Mumbai: Production and distribution company Eros International no longer wants to be a film studio but a digital content company.

    Listed on the BSE as well as the NYSE, Eros is reducing its dependence on box office and is focussing on its online video streaming platform Eros Now instead. “Over the last two and a half years, Eros Now has tripled in growth. About 25% of our overall revenue comes from digital platform and in three years, digital will be three quarters of our revenue. We are moving on from being a film studio to a digital company,” said Jyoti Deshpande, group chief executive officer at Eros, which aims $260-270 million revenue this financial year.

    Launched in 2014, Eros Now has 3.7 million paying subscribers, which the company expects to touch 6-8 million by March. Eros Now charges Rs 50 a month for streaming content and Rs 100 a month for downloading and watching the content offline. The company has commissioned six films which will be released directly on Eros Now.

    As part of its strategy, Eros, which produced movies such as comedy drama Shubh Mangal Saavdhan, Rajkumar Rao-starrer Newton and Amole Gupte-directed Sniff in 2017, is now only investing in films which are low cost, have a high return on investment and are suitable for digital platforms.

    Although the platform is film-heavy with Eros’s library, the company is working on launching one or two digital series every month. “We are doing a series on human trafficking starring Radhika Apte. We are also working on a comedy one,” said Deshpande.

    Revenue from domestic theatrical releases saw a 1.6% decline in 2016 to Rs9,980 crore, down from Rs10,140 crore in 2015, according to the Indian Media and Entertainment Report 2017 released by lobby group Ficci and consulting firm KPMG, in March. The number of movies that were able to record a positive return on investment also declined from 27 in 2014 to 18 in 2016.

    “On an industry level, the charm of big budget films with star cast appeal is going away as no such project is making money. Even the films which have been declared hit, there is nothing in the profit and loss accounts, when you actually look there. We were one of the first companies to call the trend,” added Deshpande.

    Earlier this year, Eros suffered a brief liquidity crisis ahead of the maturing of its $85 million revolving credit facility (RCF) on 31 March. Standard and Poor’s (S&P) had lowered its long-term corporate credit rating on Eros International to “B-” from “B+” and placed it on credit watch with negative implications. The company, however, won a last-minute reprieve from creditors by executing documentation to extend the maturity of the RCF by six months.

  • No deal yet with MT Educare: Zee Learn

    No deal yet with MT Educare: Zee Learn

    MUMBAI: After reports of Zee Learn’s acquisition of MT Educare, the Bombay Stock Exchange (BSE) sought a clarification from Zee regarding the purchase. The company replied stating that as part of its continuing business strategy, it constantly sought potential opportunities in various capacities to expand its business. “The company currently has not finalised any deal with MT Educare Limited,” said its response to the BSE.

    According to media reports, Zee Learn is looking to buy a controlling stake in MT Educare that runs Mahesh Tutorials, a popular coaching-class network in Mumbai. The company initially plans to buy the entire promoter share of 42.78 per cent and later make an open offer for another 20 per cent stake. Institutions and public shareholders own the remaining 57.22 per cent.

    MT Educare, which went public in 2012, is a leading education services company that prepares students for competitive examinations. It had a market capitalisation of Rs 324 crore by end of trade on Friday.

    At 15:30 hours, MT Educare was trading at Rs 81.10 per share, down by 0.49 per cent, while Zee Learn was trading at Rs 43.95 per share, up by 0.80 per cent. Just last month, Visa Capital bought a 0.60 per cent stake for Rs 68.05 a piece.

    Ninety three per cent of MT’s revenue comes from its coaching classes and the rest from Robomate+ app, which provides recorded video lectures.

    Zee Learn has a pre-school network of 1700 Kidzees in Asia as well as 115 Mount Litera Zee Schools at the end of financial year 2016-17. It also runs film and TV and animation courses.

    In its communiqué to the BSE, MT Educare said that the company was not carrying out any discussion or negotiations and “hence we have not given any intimation to the stock exchanges.”

  • Tata Sky offers Reliance DTH consumers migration deal, Dish TV too in play

    Tata Sky offers Reliance DTH consumers migration deal, Dish TV too in play

    MUMBAI: Tata Sky reportedly is offering consumers of Reliance Digital TV a limited time offer till middle of November 2017 to migrate to its platform at no extra cost. Reason: Reliance is not renewing its DTH licence that expires in November 2017.

    Though no official confirmations are forthcoming from any of the companies involved, a message being flashed on TV sets of consumers of Reliance Digital TV informs people to call a designated number or give a missed-call after which the consumer receives a call back from its new DTH service provider.

    The message mentions a number 9237092370 that has to be called. When the number was called by this reporter, a recorded message said, “Thank you for showing interest in Tata Sky. We will get in touch with you within 72 hours.”

    According to a possible deal hammered out between the two companies, Tata Sky will offer to Reliance consumers a mechanism involving installation of free STBs and dish antennas for a painless migration in an offer that is valid till 18 November 2017.

    Tata Sky is also promising the approximately one million Reliance Digital TV consumers — mostly pre-paid — their Reliance credit money will be transferred to the new Tata Sky accounts.

    However, industry sources indicated that India’s first private sector DTH operator Dish TV too has, reportedly, told its distributors that any Reliance Digital TV consumer who has not migrated to a competitor’s platform should be targeted for acquisition after paying that consumer a one-time fee of approximately Rs. 1,000. Dish TV is in the process of amalgamating the ops of Videocon d2h DTH with itself pending some regulatory clearances.

    Few days back Reliance Communications, parent of Reliance Digital TV, had informed Bombay Stock Exchange: “DTH operation is a non-core business of the company provided through Reliance BigTV Limited (RBTV), a subsidiary of the Company. RBTV’s DTH license is expiring by end of November 2017and the company is currently working with three leading DTH operators for seamless migration of customers to enjoy uninterrupted services”.

    Whether some regulatory clearances by other satellite TV operators in India need to be taken for customer acquisition of soon-to-be-shuttered DTH ops of Reliance is not yet clear. 

    When indiantelevision.com had got in touch with regulator TRAI and Ministry of Information and Broadcasting last week, officials at both the organizations said they were unaware of Reliance Digital TV’s future plans and also the reason as to why it was not renewing its DTH licence as no official communications had been received by them till then.

    (With additional inputs from BB Nagpal in New Delhi)

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  • GTPL Hathway share up as FII / FPI limit raised to 49 pc

    GTPL Hathway share up as FII / FPI limit raised to 49 pc

    MUMBAI: The share price of GTPL Hathway, a leading regional multi-system operator (MSO) which offers cable television and broadband services, rose 2.60 per cent to Rs 132 at 11:05am on the BSE after the central bank of India — RBI — raised foreign investment limit to 49 per cent from 24 per cent, earlier.

    The shares were listed on the stock exchanges on 4 July 2017, debuting on a flat note at Rs 170 compared with the IPO price of Rs 170. On a yearly basis, the price of GTPL Hathway has lost 23.46 per cent.

    The stock of GTPL Hathway, which recently pocketed Rs 480-mn Gujarat govt contracts, had touched a high of Rs 134 and a low of Rs 130.50 during the day. It was on 11 July that the stock climbed a record high of Rs 190.30 and hit a record low of Rs 126.60 on 24 August 2017.

    The stock had underperformed the market in the past month till 7 September 2017, falling 10.57 per cent when compared with 0.42 per cent overall decline in the Sensex.

    The Reserve Bank notified after market hours on 7 August 2017 that the Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in GTPL Hathway has increased to 49 per cent of its paid-up capital.

    Recently, GTPL Hathway was awarded a work order by Gujarat Informatics Limited an estimated sum of Rs. 290 million for a five-year contract.  Additionally, it was awarded with a work order by the home department, government of Gujarat, worth Rs 190 million.

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    Restructuring brings Hathway to black in first quarter

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  • Ortel elevates Satyanaryan Jena as CFO as Manoj Kumar Patra resigns

    Ortel elevates Satyanaryan Jena as CFO as Manoj Kumar Patra resigns

    MUMBAI: Ortel Communication has made an internal promotion as its chief financial officer Manoj Kumar Patra has resigned.

    The board of directors has informed the Bombay Stock Exchange (BSE) that the company has  accepted  his  resignation and  relieved  him  of  his  responsibilities effective from close of business hours on 5 September, 2017. The board has also informed the BSE that the company has appointed Satyanaryan Jena as the CFO effective from 5 September.

    Patra has been associated with Ortel for more than eight years. He joined Ortel as GM -finance and accounts in November 2008. Prior to this, he was working with Reliance Fresh as the commercial head for more than a year.

    Jena has been associated with the company since 12 November, 2015. He was  previously associated   with  OM  Khejriwal,  CA, lspat Alloys,   Indian Metals and Ferro   Alloys and  Qatar Petroleum.

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  • Balaji may formalise RIL stake purchase at 16 Aug EGM

    MUMBAI: Balaji Telefilms, in a communique to the BSE and the National Stock  Exchange, intimated about its extraordinary general meeting to be held on 16 August at “The Club”, 197, Juhu Versova Link Road, Opp.  D. N. Nagar  Police Station, Andheri (W), Mumbai- 400 053, Maharashtra.  The  cut-off   date   for   determining  the  shareholders  eligible   for   e-voting  is 9 August, 2017..

    The meeting proposes to conduct special business. Increase in authorised share capital: To consider and,  if thought fit, to pass, with or without modification, the following resolution as Ordinary Resolution: “Resolved that, in accordance with Sections 4, 13 and  61 and  other applicable provisions, if any, of the Companies Act, 2013 and  rules made thereunder, and  applicable provisions of the Articles of Association of the Company and  any other applicable law or laws,  rules  and  regulations (including  any  amendments thereto or re-enactment thereof  for the  time being in force),  the authorised share capital  of the Company be and  is hereby increased from Rs. 260 million divided  into 100 million equity  shares of Rs.  2  each and  30 million Preference Shares of Rs. 2 each to Rs. 360 million  divided into 150 million Equity Shares of Rs. 2 each and  Rs. 60 million divided  into 30 million Preference Shares of Rs. 2 each.

    Issue of 25.2 million equity shares on a preferential allotment / private placement basis: To consider and  if thought fit, to pass, with or without modification, the resolution as a Special Resolution: Balaji is seeking consent of the  members of the  company to create, issue, offer and  allot 2,52,00,000 equity  shares of the  Company of the  face  value  of Rs. 2/- each (“Equity Shares”) at a price  of Rs. 164/- which includes a premium of Rs. 162/- per Equity Share aggregating to Rs. 4.13 billion to Reliance Industries Limited in accordance with ICDR Regulations.

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