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Balaji Tele scrips turn favourites on BSE

06-December-2000
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Balaji Tele scrips turn favourites on BSE

Balaji Telefilms, a media company engaged in producing television software, has seen a 100 per cent appreciation in its share prices in the last 10 days compared with its offer price of Rs 130.

The counter has been attracting a record volume of 3.50-4.5 lakh shares daily on the bourse, moving against the tide so to say. Analysts point out that this is mainly because of the current recovery phase in media stocks which have been moving up in the past few days.

Balaji Telefilms, being a niche player in the content business, has attracted a lot of market attention, especially after the merger of Nine Network Entertainment. Currently, Balaji Telefilms provides entertainment software content to various television channels such as Doordarshan, Zee, Sony, Star, Sun, Gemini and Udaya TV.

The company has presence across all the genres of programmes such as sitcoms, serials, soaps, game shows, suspense thrillers and children's programmes in Hindi as well as regional languages. The company has built up a library of 1300 hours of software programming.

Balaji Telefilms, a day before its listing, has entered into an equity swap deal to acquire Nine Network Entertainment India, a wholly owned subsidiary of Nine Broadcasting India, which is promoted by HFCL and Channel Nine.

Post-merger, equity of Balaji Telefilms has swelled from Rs 10.30 crore to Rs 12.90 crore. With this deal, Nine Broadcasting India will be having a 20 per cent stake in the merged entity.

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