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Subdued interest in media stocks
MUMBAI: For media and entertainment stocks, the week gone by provided little moment of excitement. As the attention shifted to frontline counters, stocks such as Zee Entertainment Enterprises Ltd (ZEEL), Sun TV, Hathway Cable & Datacom, DEN Networks, Dish TV and Reliance MediaWorks were seen subdued on the bourses as investor interest remained selective.
On Monday, CNX Media Index continued to surge higher aided by strong trend on counters such as ZEEL, Sun TV, Hathway Cable and Reliance Broadcast to name a few.
After reaching a month’s high, ZEEL counter came under selling pressure from punters and profit takers alike. ZEEL had crossed the Rs. 250 mark on Monday only to resume steady decline towards Rs. 243, down 2 per cent for the week.
Sun TV counter gathered steam after declaration of dividend in its recently concluded annual general meeting. The company declared dividend of Rs. 2 (40 per cent) per share. As a result, the stock added 4.5 per cent to end the week at Rs. 428.
Hathway Cable & Data and DEN Networks experienced the pressure of unwinding from investors as uncertainty over subscription revenue persisted.
Reliance Broadcast and Reliance MediaWorks, both from the Reliance group, faired differently. After scaling its 52-week high recently, Reliance Broadcast, the delisting candidate, ended almost flat. The scrip settled at Rs. 52.50 per share. Reliance MediaWorks added momentum from the recent completion of its right issue. It ended the week 1.5 per cent higher at Rs. 43.90.
Meanwhile, Hyderabad-based Raj Television maintained its upward trend. After adding close to 5 per cent in the previous week, the counter added further one per cent to settle the week at Rs. 453.70.