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Media shares plunge to 52-week lows

24-March-2004
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Media shares plunge to 52-week lows

All high-profile media stocks with the exception of Zee Telefilms plummeted to 52-week lows today as markets fretted over the string of flop films, bad musical videos and the fate of never ending TV serials.

As many as 12 media stocks hit a new 52-week low on the Bombay stock Exchange (BSE) today. On the top of that, as many as seven media stocks have sunk to their all-time lows. Surprisingly, three months ago, all these stocks were traded at 52-week highs.

The stocks that sank to lifetime lows include BAG Films, GDR Media, Mukta Arts, Pentamedia Graphics, Tips Industries and Vas Animation & Entertainment touch lifetime low value at BSE, while ETC Networks, Filmcity Media, Hathway Bhawani Cabletele and Padmalaya Telefilms are currently traded at one-year lows.

Mukta Arts touched an all-time low of Rs 41.10 , Tips Industries touched Rs 26.60, GDR Media Rs 0.52, Pentamedia Graphics Rs 5.67 and TV Today Rs 119.55 on the BSE.

Mukta Arts, the Subhash Ghai-promoted company, entered the market in the ICE boom of 2000 with an offer price of Rs 165 per share. It is currently traded at a 75 per cent discount to the issue price.

The Torani Brothers-promoted Tips Industries also raised money in the IPO markets at a huge premium at Rs 325 per share only to be quoted at a 92 per cent discount to its issue price at BSE.

Padmalaya Telefilms, a south-based film production company touched a one year low of Rs 47.15 and ETC Network touch a 52-week low of Rs 32.55 today at BSE.

BAG Films which came out recently with a public issue at Rs 10 per share currently discounted at 50 per cent at Rs 5.29.

In the last two months, the total market capitalisation of media companies has declined 30 per cent from Rs 11,880 crore to Rs 8,488 crore.

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