Media stocks continue to rise for the second day; up 3%

BL Internet Desk | Updated on November 21, 2019

Media shares were trading with gains for the second consecutive day on Thursday led by Zee Entertainment gaining over 12 per cent.

As media mogul Subhash Chandra finally agrees to give up control over Zee Entertainment by deciding to sell his 16.5 per cent stakes in the company, investors are already flocking in. The issue has already been oversubscribed nearly three times, Chandra's son Punit Goenka said in a statement.

“I am overwhelmed by the positive response received from our investors. Glad to share that the book was oversubscribed by approximately three times. I am grateful to our lenders and investors for their trust and support. I remain committed to elevating ZEE to a global media & entertainment powerhouse”, Punit Goenka, MD & CEO, ZEE Entertainment Enterprises, said.

Also, Japan's Sony Corp is in talks to acquire a stake in Mukesh Ambani's TV business, Network18 Media & Investments Ltd, Bloomberg reported on Thursday. Sony is doing the due diligence and considering several potential deal options, the agency reported, citing people familiar with the matter. The shares of Network18 has risen 11.46 per cent (at 2.30 pm) to trade at Rs 28.70.

Shares of Balaji Telefilms (up 9.23 per cent), Jagran Prakashan (up 7.51 per cent), Music Broadcast (up 6.5 per cent) and Zee Media Corporation (up 4.43 per cent) were the top gainers in the media index.

TV18 Broadcast (up 3.52 per cent), TV Today Network (up 1.35 per cent), PVR (up 1.35 per cent), Saregama (up 1.25 per cent) and Hathway Cable (up 1.01 per cent) too were trading higher.

The Nifty Media index was trading 3.73 per cent up at 1,932.70 at 2.30 pm.

Benchmark NSE Nifty50 index was down 7.70 points at 11,991.40 while the BSE Sensex was up 37.09 points at 40,688.73.

Published on November 21, 2019

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