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Reliance Mediaworks surges on getting BBB rating from CARE for NCD programme

06 Jun 2012 Evaluate

Reliance Mediaworks is currently trading at Rs. 52.25, up by 1.15 points or 2.25% from its previous closing of Rs. 51.10 on the BSE.

The scrip opened at Rs. 51.25 and has touched a high and low of Rs. 52.65 and Rs. 51.20 respectively. So far 24359 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 137.90 on 20-Jul-2011 and a 52 week low of Rs. 49.00 on 31-May-2012.

Last one week high and low of the scrip stood at Rs. 52.70 and Rs. 49.00 respectively. The current market cap of the company is Rs. 240.55 crore.

The promoters holding in the company stood at 63.15% while Institutions and Non-Institutions held 0.36% and 36.49% respectively. 

Credit rating agency, CARE has assigned BBB rating to Rs 45 crore Non-Convertible Debentures (NCD) programme of Reliance Mediaworks while, the rating agency has reaffirmed AAA(SO) rating to the company’s NCD programme worth Rs 350 crore.

The company has received the said rating on the back of strong promoter support and financial flexibility by virtue of RMWL being part of the Reliance Anil Dhirubhai Ambani Group (RADAG). Moreover, infusion of Rs 295 crore through issue of preference share capital was also considered by the rating agency while assigning the said ratings.

Film and entertainment firm Reliance MediaWorks reported a net loss of Rs 126.24 crore for the fourth quarter ended March 31, 2012, compared to a net loss of Rs 173.47 crore for the same quarter last year. The company’s net sales for the quarter under review increased 26.32% to Rs 171.55 crore, against Rs 135.81 crore in the fourth quarter of 2010-11 fiscal.

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