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Network18 Media shares surge 13% following Q1 profitability
Network18 Media's stock soared 13.5% on Wednesday, hitting ₹63.51 after the company posted a big turnaround—moving from a loss last year to a net profit of ₹516 crore this quarter.
Even though revenue dipped 5% year-on-year to ₹430 crore, the profit news clearly got investors excited.
Stock is showing solid technical strength
The stock is showing solid technical strength and is trading above key averages, with an RSI of 51.5 suggesting things are pretty steady for now.
Chairman Adil Zainulbhai pointed to strong results and new product launches as ways they're shaking up growth.
The share price has been all over the place this past year—from ₹39.55 up to ₹106—so it's definitely caught investors' attention lately.