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TV Today leads M&E sector showing on the bourses
MUMBAI: Pep talks from the Reserve Bank of India Governor Raghuram Rajan came to the aid of both domestic equities market and the rupee. The otherwise weak equities market snapped seven days of losses, taking a heart from the strong overseas market trends.
Jenet Yellen’s, US President Barack Obama’s nominee to head the Federal Reserve, remark over the continuation of US stimulus programme lent a support to overseas markets.
The 30-share benchmark Sensex has not only advanced 205.02 points but trimmed losses for the week before settling at 20,399.42, down 1.29%.
Steady flow of investment by foreign institutional investors (FII) also aided to the recovery. FIIs bought shares worth Rs 299.70 crore ( Rs 3 billion) on Wednesday, according to provisional stock exchange data. Leading blue chip counters from the automobile, metals and banking recovered sharply on a renewed buying interest.
The media and entertainment counter, on the other hand, witnessed a mixed trend. While counters such as TV Today, Eros International Media, TV18 Broadcast, PVR and ZEEL gained this week, Den Networks, Jagran Prakashan, NDTV, Dish TV, DB Corp, Sun TV, Hathway Cable and Datacom and HT Media ended on the losing side.
Reversing the previous week’s decline, the CNX Media Index settled at 1760.50, up 22.10 points.
DEN Networks extended losses for the second straight week despite strong subscription and carriage revenues in the fiscal second quarter boosting its net profit to Rs 9.64 crore ( Rs 96.4 mn) on revenue of Rs 259 crore ( Rs 2.59 bn). However, the performance could hardly lent support to the counter which slipped to a 52-week low of Rs 133.60 per share on Thursday before ending the session at Rs 135.20.
Siti Cable is another prominent loser for the week. In fact, the counter slipped to its one-month low, before recovering at the fag end of the trading session on Thursday. The counter ended 5.90% lower for the week at Rs 16.75.
Sun TV’s poor run on the bourses continued for the second straight week. After losing 4.2% in the previous week, the counter lost 4.8% this week before settling at Rs 392.90. It may be recalled that Sun TV’s second quarter performance announced in the previous week missed analyst expectations.
TV18 Broadcast and Zee Entertainment Enterprises Limited (ZEEL) recorded identical gains in their share price, carrying forward the previous week’s momentum in price gain. ZEEL ended the week at Rs 277.32 per share, up 4.4% whereas TV18 Broadcast gained 4.7% to settle at Rs 23.50 a share.
TV Today added 9.5% for the week. After recording a turnaround in its performance during the fiscal second quarter, the counter mobilised investor support strong enough to drive its share price to 52-week high at Rs 119.90. It settled the session at Rs 117.90 per share, up 14.75%.
New York Stock Exchange (NYSE) listing of the parent company provided little succor to Eros International Media which otherwise seemed all set to end the week lower. After losing 5% on Wednesday, Eros shares gained over 6% on Thursday as investors thronged the counter. Increased buying interest helped the counter settle the week 1.2% higher at Rs 180.55.
HT Media share price declined over 3% for the week to settle at Rs 79.30 per share, despite heavy buying interest from the overseas institutional investors. Norges Bank bought 3.443 mn shares in the company for a total consideration of Rs 26.15 crore ( Rs 261.5 mn) on NSE. Through open market purchase, the fund acquired 1.46% stake in the company at Rs 77 per share.
PVR’s shares advanced 3.5% at Rs 577.75 for the week. The company reported blockbuster results in the fiscal second quarter early this month, besides announcing sell of its Delhi property.
Reliance MediaWorks lost 2.8% for the week before settling at Rs 47.35 per share while Reliance Broadcast Network ended a tad lower at Rs 58.95.