Bright Outdoor Media share prices were up by 3 percent on Wednesday after the Mauritius based foreign portfolio investor (FPI) Aegis Investment Fund and Aegis Investment Fund PCC picked up a 3.3 percent equity stake worth Rs 13.34 crore in the company through open market transactions.
At 10.00 am, the stock was quoting Rs 300 apiece, up by Rs 8.85, or 3.04 percent, on the BSE.
Aegis Investment Fund and Aegis Investment Fund PCC, combined, on Tuesday picked 4 lakh 60 thousand shares or 3.3 percent of an equity stake in the company.
According to the data published by the exchange, Aegis Investment Fund bought 2 lakh shares at an average price of Rs 291.1, and Aegis Investment Fund PCC picked up 2.6 lakh at an average price of Rs 290.
The stock, which had seen sluggish growth ever since being listed on the exchange in March, has been on an upward trend since June 15, rising 78 percent to date. The stock saw brisk action on Tuesday as well, with the price rising 3 percent as 6 lakh shares changed hands against the monthly average of 1 lakh.
In FY23, the company reported a consolidated revenue of Rs 91.50 crore, up 81.3 percent from Rs 50.46 crore reported in FY22. The net profit jumped 174 percent in FY23 at Rs 7.10 crore as against Rs 2.59 crore reported in the previous fiscal. The OPM (operating profit margin) improved by 254 basis points from 12.98 percent in FY22 to 13.31 percent in FY23.
Bright Outdoor Media Limited is engaged in providing advertising services, mainly through out-of-home (OOH) media services and campaigns. It has a diverse clientele ranging from jewellery brands, financial services providers to aviation companies.
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