Den Networks rallies 11% as Co swings to profit in June quarter

Shares of Den Networks rallied up to 11.3 per cent to quote at Rs 69.85 apiece on the BSE on Friday after the cable network company posted strong numbers for April-June quarter (Q1FY20) on July 11.

The company declared a net profit of Rs 11.23 crore for the recently concluded quarter against a loss of Rs 30.72 crore in the year-ago period. The company had reported a net loss of Rs 1,86.38 crore in the quarter ended March, 2019.

Analysts at Edelweiss securities believe that a rise in cable subscription due to tariff change and the on-going Cricket World Cup 2019 could have led to additional cable connections and the consequent rise in revenue.