Zee Entertainment and DCM Shriram shares were trading with gains of 7 percent and 10 percent, respectively, on the Bombay Stock Exchange (BSE) on Wednesday after announcing upbeat March-quarter results on Tuesday.
The Sensex was trading in the red as the overall market sentiment was subdued due to the amendment in the double taxation avoidance agreement with Mauritius signed on Tuesday that provides for gradually phasing out capital gains tax benefits on investments routed through the country into India.
The S&P BSE Sensex was down 183 points, or 0.71 percent. Top Sensex losers were State Bank of India, BHEL, Tata Motors, Bharti Airtel, Infosys and ITC.
DCM Shriram was trading at Rs. 182, up Rs. 15.90, or 9.57 percent, at around 2:15 p.m. on the BSE. The company had reported a turnaround in its performance for the fourth quarter ended March 2016.
Net profit was Rs. 51 crore for the quarter, as against a net loss of Rs. 40 crore in the corresponding period last year.
Revenues rose marginally to Rs. 1,333 crore from Rs. 1,309 crore in the year-ago period. Earnings before interest and tax increased sharply to Rs. 107 crore from Rs. 7 crore in the March 2015 quarter, the company said in a regulatory filing on Tuesday.
Zee Entertainment was trading with gains of 6.73 percent at Rs. 445.80 at around 2:25 p.m.
The entertainment solutions company reported a 29 percent growth in advertisement revenues to Rs. 864 crore for the March 2016 quarter, lifting its net profit to Rs. 260 crore, up 13 percent from Rs. 230 crore in the corresponding period last year, according to the company's regulatory filing.
Subscription revenues stood at Rs. 594 crore, up 16 percent from Rs. 510 crore in the March 2015 quarter.
Total income was up 13 percent at Rs. 1,531 crore. The company declared a dividend of Rs. 2.25 per share, or 225 percent, for the financial year 2015-16.
The company broadcasts popular television shows such as "Kumkum Bhagya," "Vishkanya," "Ek Tha Raja Ek Tha Rani" and "Yeh Vaada Raha."
