DB Corp Hits 52-Week High On Strong Sentiments

DB Corp- the media and entertainment company shares in trade on August 22, 2022 have hit a fresh 52-week high of Rs. 112 per share. This is a whopping gain of over 17% as against the previous close of Rs. 95.6 apiece on the NSE.

The spurt in DB Corp share price may largely be due to improved sentiment as promoter backing gets strong. Pertinently, on Friday, Adani Power announced to buy the thermal power assets of DB Power for an enterprise valuation of around Rs. 7017 crore. The acquisition is expected to be completed on October 31, 2022.

Adani Power in its filing with the exchanges said, “The acquisition will help the company to expand its offerings and operations in the thermal power sector in the state of Chhattisgarh.”

The transaction is subject to approval from the CCI and any other approvals that are determined post the due diligence in respect of DPPL and DB Power, it added. DPPL or Diligent Power is the holding company of DB Power.

DB Power is a Dainik Bhaskar Group company, while D. B. Corp Limited is a print media company, which is engaged in the sale of newspapers, magazines, and also earns advertisement revenue. The Company also has a presence in radio and digital sectors.

In its Q1fy23 show, DB Corp posted an increase in revenue from operations sequentially to Rs. 494.10 crore and on the same it posted a net profit of Rs. 31 crore as against Rs. 24.42 crore in the March ended quarter of Fy22. The company in the same period last year logged a net loss of Rs. 22.23 crore.