Media stocks are trading mixed. Network 18 Media and Broadcast Initiatives are the top gainers while Compact Disc and Deccan Chronicle are losing the maximum. Print media company HT Media declared results for 2QFY13. The company reported 4.5% YoY growth in net sales over the same quarter last year. Tough economic environment resulted in a fall in advertising revenue by 1% YoY. Subscriptions grew by 11% YoY. A jump of 22% YoY growth was witnessed in employee expenses. Higher operating expenditure growth of 8.5% YoY during the quarter resulted in operating profits falling by 19.5% YoY. Interest expenses were up by 9% YoY during the quarter ended September 2012. HT Media,s net profits were down by 24% YoY and the net profit margins shrank by 3.5%.
Energy stocks are trading in the green led by Essar Oil and Gujarat State Petronet Ltd (GSPL). According to a leading financial daily, Oil and Natural Gas Corporation (ONGC) has been invited by Russia to buy a stake in the Magadan-2 field operated by Rosneft in the northern part of the Sea of Okhotsk. The proposal was made to the Indian oil ministry officials at the India Russia Joint Working Group meeting. ONGC has confirmed that they were viewing the data related to the field. This comes at a time when the Indian Government has told state firms to secure energy assets overseas as the country's own output is not sufficient to meet the demand of the Indian economy. Russia granted exploration licenses for five areas in the Sea of Okhotsk - Magadan-1, 2 and 3, Lisyansky and Kashevarovsky to Rosneft without bidding at the end of last year. Recoverable resources in the area are estimated at 2.8 bn tonnes of oil equivalent.