CNBC-TV18’s Executive Editor, Udayan Mukherjee – ETC Networks is not a bad combination and they have got a reasonable education business, training business which they have, which should be getting close to half of their overall revenue pie. That’s the business, which the markets likes as you have seen with other companies, though the model might be somewhat different.

In terms of their two niche channels ETC Punjabi and ETC Music, they are okay. They delivered certain amount of topline and as the management said in the next quarter in FY09 they should be doing Rs 100 crore in sales and about Rs 30 crore in profit. If they manage to do that and their marketcap today is just about Rs 300 crore and about a 10 kind of P/E, it doesn’t look a very expensive, so you could build a case for ETC Network.

The only point is that every stock that you think is inexpensive has to be benchmarked against its peers set because everything has fallen such a lot that there is lot of mouth-watering options. For instance, Rs 300 crore for ETC Network, you can buy TV Today for Rs 600 crore marketcap today and that after a small pull back that the stock has had. And that stock will deliver Rs 300 crore of topline this year. Which one would you rather buy? The largest and the most influential Hindi News products, Rs 600 crore marketcap on Rs 300 crore of topline, or would you buy ETC with Rs 100 crore topline at Rs 300 crore market cap. I think these are options because everybody’s cash pool is finite and there is too much by way of mouth-watering opportunities in the market and practically in every sector. So ETC by itself does not look too bad but may be it’s not the hottest thing in its peer set.