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TV Today, Eros buck the trend while Sun TV loses shine

MUMBAI: Festive truncated week to 8 November ended on a subdued note. Profit taking on leading counters coupled with continued weakness in Indian rupee dented the trading sentiment on bourses.

In fact, the BSE Sensex and Nifty fell for four consecutive sessions last week, which led indices to record their worst weekly performance in more than three months.

cnx-niftyThe Sensex lost 530.66 points to settle below 21,000-mark at 20,666.15 whereas the Nifty eased 166.45 points to 6,140.75. Leading blue chip counters from the banking, automobile and petroleum refinery sector declined sharply as traders took to profit.

Counters from the media and entertainment space too came under the selling pressure. However, strong quarterly performance reported earlier as well as buying interest at lower levels helped arrest price decline.

CNX Media Index reported its first weekly decline after three weeks of consecutive gains. The Media Index settled the week at 1738.40, down 42.50 points.

TV Today, Eros International Media, NDTV, Dish TV, DB Corp were amongst the gainers during the week while PVR, Sun TV, Hathway Cable and Data, TV18 Broadcast, Den Networks, Zee Entertainment Enterprises Ltd, Jagran Prakashan and HT Media ended on the losing side.

All round improvement in TV Today Network’s financial performance for the quarter to 30 September helped the counter record a new 52-week high at Rs 116.75. The company has not only logged 36% increase in broadcasting revenue at Rs 91.45 crore ( Rs 914.54 million) but reported fifth straight quarter of positive bottomline. The company returned to profits this quarter at Rs 12.83 crore ( Rs 128.34 million) as against net loss of Rs 9.15 crore ( Rs 91.54 million) in the corresponding quarter of the previous year. TV Today share price settled the week 15.7% strong at Rs 93.10.

NDTV in its release said the company made operating profit. But the company added the other income component to its operational revenue. The stock market reacted to this. After scaling a new year high of Rs 100.90 per share, the share price retraced back to Rs 85.75 on Friday, yet not before adding 2% for the week.

Sun TV’s second quarter showing missed analyst expectations as its advertising revenue fell 4.5% in the fiscal second quarter. The counter, thus, settled the week 4.2% lower at Rs 413.00. In fact, on Friday, as soon as the company declared quarterly results, the counter went into a tailspin by losing nearly 6% for the day.

ZEEL and Dish TV experienced a mixed trend for the week. While ZEEL share price shed 1.7% at Rs 265.75 per share, Dish TV added 1% before rounding up the session at Rs 54.60.

DEN Networks continued to trend lower due to low investor participation. The counter ended 3.9% lower for the week at Rs 143.60 per share, which is not far from its 52-week low of Rs 141.00.

Trading interest on Eros International Media counter remained high ahead of its parent company Eros International Plc’s initial public offering (IPO) on the New York Stock Exchange (NYSE). Apparently, the counter experienced almost threefold surge in volumes. High trading interest aided in Eros International Media’s share price settling the week at Rs 178.30, up 9.7%.

Meanwhile, profit taking spooked PVR’s winning streak. In the previous week, the company benefited from better box office gains. With ‘Krrish 3’ collections crossing Rs 75 crore ( Rs 750 million), the PVR scrip drove to Rs 600 per share. It has since retreated and rounded up the Friday’s session at Rs 558.40, down 6.5% for the week.

DB Corp edged up to Rs 265.30 for the week while HT Media remained almost unchanged at Rs 82.00.

Interestingly, Jagran Prakash failed to mobilise adequate support to its share price even as the board of directors announced their share buyback plan. Jagran’s share settled 1.2% lower for the week at Rs 86.50.