Key Points
BENGALURU, Oct 23 (Reuters) - India's New Delhi Television Ltd (NDTV) (NDTV.NS), part of the Adani Group, reported a nearly 51% drop in second quarter profit on Monday, as businesses cut back on advertising spending in the face of rising interest rates...
Consolidated net profit was 59.1 million rupees ($710,803.00) in the three months to Sept. 30, compared with 120.1 million rupees a year earlier, it said in an exchange filing...
Indian broadcasters are grappling with slowing advertising spending as businesses clamp down on discretionary investments to rein in costs amid high inflation and aggressive interest rate hikes...
The shares had fallen over 8% during the quarter, as opposed to a more-than-30% jump in the Nifty Media (.NIFTYMED) index.. NDTV and other listed Adani-owned companies have seen their shares battered since a U.S. short-seller, earlier this year, accused the group of improperly using offshore tax havens and stock manipulation..
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