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The results Tamil Nadu Assembly poll results fuelled a sharp rally in the share prices of Raj Television Network Ltd and Radaan Mediaworks India Ltd.
The Raj TV shares rose by the maximum permissible limit of 20 per cent at Rs 63.70 with trading volumes of close to 10 lakh shares, and the deliverable quantity at 20 per cent of it. On the BSE, the stock closed at Rs 63.50.
“The rally only reflects the investors' confidence in the new Government,” Mr M. Raajhendran, Managing Director, Raj Television Network, told Business Line on Friday.
Similarly, the stock of Radaan Mediaworks India Ltd hit the upper circuit of Rs 2.50 on the NSE with 1.97 lakh shares changing hands. Of the total number of shares that changed hands, 73.15 per cent (1.44 lakh shares) are deliverable quantity. On the BSE also, the Rs 2-stock ended at Rs 2.50.
Mr Raajhendhran said, the company suffered losses in the last few years mainly because of lack of transparency in viewership declaration and payment of subscription by “a cable service provider”.
After winning the election, Ms Jayalalithaa on Friday said, ironing out of the issues concerning the cable industry and dominance of the family members of Mr Karunanidhi in the film industry would be one of her prime agenda, Mr Raajhendhran pointed out.
Ms Radhika Sarathkumar, Chairperson of Radaan Mediaworks, also said the rally clearly shows investor confidence. She said the entire media industry had the grievance of being monopolised by the Chief Minister's family. “We welcome the change in Government.”
The stock of Sun TV also surged 6.25 per cent to close at Rs 409.4 over the previous day's close of Rs 394.4.
Meanwhile, the promoter of Sun TV, Mr Kalanithi Maran, has informed the stock exchanges that he has pledged 25 lakh shares.
With this, Mr Maran has pledged 17.94 per cent of his stake (or 5.44 crore shares) with financial institutions to raise funds.
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