Technology

WWIL consumes Rs 2.12 bn from rights issue

MUMBAI: Wire and Wireless (India) Limited (WWIL) has mopped up Rs 2.12 billion from the first tranche of its Rs 4.5 billion rights issue.


The remaining amount will pour in by March-end as the Subhash Chandra-promoted cable TV distribution company plans to go aggressive on its Headend-In-The-Sky (HITS) operations.


"WWIL has utilised the entire Rs 2.12 billion. The company has repaid Rs 1.6 billion towards unsecured loans. Investment has also been made for HITS and some acquisitions," WWIL CEO Sudhir Agarwal tells Indiantelevision.com.


WWIL has invested Rs 1.5 billion for HITS and is the lone operator in this segment so far.


The company has widened its third-quarter consolidated net loss to Rs 344.58 million as revenue dropped 12 per cent. WWIL also took a knock of around Rs 140 million losses from HITS.


WWIL had posted a loss of Rs 226.74 million in the year-ago period.


"We are expanding the market through HITS. In the same period of last fiscal, we hadn‘t started these operations," says Agarwal.


Operating revenues fell 12 per cent to Rs 722.2 million for the quarter ended 31 December 2009, compared to Rs 817.9 million in the prior year. 
 
?The television distribution market in India is fast changing, with visible signs of progression towards a digital environment. The HITS policy announcement this quarter is a positive indication and I am confident that digital cable will also start playing an important role in the digitization of television,? says WWIL chairman Subhash Chandra.


Expenses in the quarter dipped marginally by 2 per cent at Rs 793.6 million, compared to Rs 810.3 million in the year-ago period. WWIL has streamlined staff and content costs over the quarters.


Operating loss for the quarter was Rs 71.3 million, as against an operating profit of Rs 7.7 million in the prior year.


The operating profit for analogue business in Q3 was Rs 61 million compared to an operating profit of Rs 8 million.   
 
Says Agarwal, ?The initial rollout of HITS has focused on tapping critical tier-II and tier-III cities and we are scaling up at decent pace. I am confident that going forward, HITS shall be a win-win proposition for WWIL, its consumers and stakeholders.?
WWIL promoters pledged 32.2 million shares, or 11.2 per cent of their stake, amounting to 7.1 per cent equity of the company.


Shares of WWIL closed Friday at Rs 19.15 on the BSE, down 2.54 per cent from its previous close.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/05/16/divesh.jpg?itok=zBE4YL3k
Livestreaming App SWOO sees momentum in India; Launches Trivia Format in India

SWOO, a leading global livestreaming platform established in Middle East, today announced the launch of its SWOO TRIVIA SHOW ? a celebrity hosted live video streaming game show for Indians. SWOO is a user friendly, engaging and feature-rich live broadcasting app available across Android/ iOS/ Web...

Technology Software Applications
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/05/14/TiVo-800.jpg?itok=YeoN1Hcd
TiVo exits STB business

MUMBAI: TiVo is exiting the manufacturing, sales and distribution of set-top boxes to a yet-undisclosed third party, the company has said.

Technology Hardware Set-top Boxes
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/05/09/iot.jpg?itok=8nXgmc_U
IET India IoT Panel joins hands with exhibitions india group for the 3rd edition of IoT india congress

IoT India Congress is India?s Platform of Platforms for the Internet of Things conceptualized by IET India IoT Panel, a think tank constituted by the Institution of Engineering and Technology (IET) India. The 3rd edition of IoT India Congress will be hosted in collaboration with India?s leading...

Technology Software Firmware
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/05/08/lexi.jpg?itok=uPD543QG
Tata Elxsi's Automation suite adopted by pan-European Media and Telecommunications Company

Tata Elxsi, a global design and technology services company, announced the licensing of its integrated test automation and monitoring suite ?FalconEye? to a pan-European media and telecommunications company for OTT automation and improving streaming performance.

Technology Software Firmware
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/04/13/nabshow.jpg?itok=S9rP2yss
Verimatrix recognized for contributions to latin american Pay-TV market with PRODU award win at NAB Show

LAS VEGAS: Verimatrix, a specialist in securing and enhancing revenue for network-connected devices and services, has received the PRODU Award for Best Pay-TV Technology Contribution on behalf of its MultiRights? OTT solution. MultiRights helps service providers effectively navigate the modern OTT...

Technology Software Firmware
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/04/09/magai.jpg?itok=233hZ8S7
Amagi debuts machine-learning powered content-preparation suite

Amagi, a cloud-based technology provider for media processing, has launched Tornado, a machine learning-based content preparation service that enables TV networks and content owners to scale their operations and accelerate broadcast workflows.

Technology Hardware Components
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/03/08/tivo.jpg?itok=1e68Zg0C
Sharp and TiVo extend interactive program guide deal to power content Discovery across entertainment devices

MUMBAI: TiVo Corporation (NASDAQ: TIVO), a global leader in entertainment technology and audience insights, today announced that Sharp Corporation will further utilize TiVo?s G-Guide HTML across Sharp 4K smart TVs and Ultra HD Blu-ray recorders in Japan, TiVo?s G-Guide xD app and remote schedule...

Technology Hardware Components
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/01/25/priyanka.jpg?itok=s2F-oxzy
HARMAN announces Priyanka Chopra as global brand ambassador

HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for automotive, consumer and enterprise markets, today announced that actress, singer, producer and philanthropist Priyanka Chopra has been named a global brand ambassador for the...

Technology Hardware Components
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/01/24/etere_0.jpg?itok=PCzLNCEq
Etere HSM expands interoperability with Grass Valley

Etere HSM features an integration with Grass Valley that improves interoperability, streamlines connectivity, enables faster content processing and includes deep archive capabilities. Etere introduces a new integration layer between Etere Hierarchical Storage Management (HSM) and Grass Valley...

Technology Hardware Components

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories