Radio City operator Music Broadcast closes 12% higher at Rs 373 on Day 1
Stock sees strong movements after opening 24 percent higher on Friday; the company plans to pare debt worth Rs 150 crore immediately through the fresh issue of proceeds
Shares of Music Broadcast, the operator of FM radio channel, Radio City, closed 12 percent higher after witnessing a stellar listing.
The stock started off its first day trade on a strong note as it opened 24 percent higher at Rs 413 on Friday.
In an interview to CNBC-TV18, RK Agarwal, CFO of Jagran Prakashan said radio business can give a margin anywhere around 40 percent.
"We will pare debt worth Rs 150 crore on immediate basis through fresh issue proceeds and we don't have any major capex plan for the near-term," he says.At close of market hours, the company’s stock was quoting at Rs 373.15, up Rs 40.15, or 12.06 percent, on the BSE.