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THE hearing date in the case over the conditional access system (CAS) in the Delhi High Court has been fixed for September 15. The decision on CAS, pending for months, is expected to generate additional revenue for channel owners. According to market speculation, the argument for and against the introduction of the system may be wrapped up soon and the Union Government would put forward a fresh plan for CAS.

According to market sources, ahead of any such positive development, some market operators have begun accumulating media stocks. The Zee Telefilms counter, which is the leader among the media pack, has always reacted first during the continuing debate over the CAS. The stock on Tuesday was up 2.42 per cent at Rs 190.50 with a traded volume of around 13 lakh shares on the BSE. Hinduja TMT (which operates a Mumbai-based cable TV channel) was marginally up at Rs 323.25 on the NSE with a traded quantity of 90,387 shares. TV Today closed flat at Rs 107.50 with a traded quantity of 79,954 shares on the BSE. TV 18 and NDTV, however, closed lower.

Automotive Stamping up on improving fundamentals

Automotive Stamping and Assemblies Ltd (ASAL), a Tata Group auto component manufacturing company, is witnessing slow but steady accumulation. This debt-free company is 81.35 per cent owned by Tata Autocomp.

According to market sources, the fundamentals of the company have been improving over the last few quarters but market capitalisation is still around one third of its annual sales figure.

According to the management, during 2005-06, the company aims to achieve a sales growth of about 30 per cent. In 2004-05, it posted total sales of Rs 249.88 crore. In Q1 of 2005-06, it has negotiated an upward price revision for its products and services with its main client Tata Motors. Since September 1, the stock has gained by around 14 per cent at Rs 128.70 despite a 3-per cent decline on Tuesday.

Jayanta Mallick

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