Network 18

Network 18 is the top gainer on the BSE since morning. The stock price rose over 11% to an intra day high point at Rs.46.25. This is quite close to its 52-week high of Rs.49.20.

For two days the stock price has been rallying upwards, ever since it announced on 19th April that it is planning to restructure its food and restaurant search engine. Operating under the brand name of BURRP, the Board has approved the selling of this search engine or transferring to any other entity, including a strategic investor.

In this regard, the board has authorised certain directors and officers of the company to evaluate the various options and take such further action in the matter, as may be suitable, after complying with necessary regulatory requirements.

The company had also declared its Q4FY17 numbers which were not too enthusing. It posted a consolidated net loss of Rs.33 crore, up from loss of Rs.25 crore in previous Q4. Its net revenue also declined 18% at Rs.388 crore.