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Media stocks in limelight

23-April-2002
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Media stocks in limelight

Three media stocks were in the limelight yesterday on the Bombay Stock Exchange and National Stock Exchange. While, the price of Balaji Telefilms spurted by about 7 per cent, trade volumes in the Mukta Arts counter were phenomenal. The Zee Telefilms scrip also saw fairly good activity and upward price movement.

The market players seem to be generally positive about the outlook of media stocks. Specifically, they feel that in Mukta Arts, operators had taken significant position during the day. Several block deals ranging between 10,000 and 25,000 shares were recorded in the counter on the NSE today.

The combined volumes of Mukta Arts on BSE and NSE were around 22.4 lakh shares. The scrip's gain, however, was restricted to below 3 per cent at the closing level of around Rs 108.55, after touching a day's high of Rs 112.55. On April 15, the scrip had ruled at around Rs 93.50 on BSE.

The current movement in Mukta Arts and Balaji stocks began on Friday.

For the Balaji scrip, the trigger appeared to be its proposed tie-up with Sony. The Balaji scrip closed at Rs 635.70. Incidentally, it also touched the 52-week high of Rs 644.70 today. It clocked volumes of over 10 lakh shares on NSE and BSE during Monday's session.

Zee Telefilms has informed the BSE that its board would meet on April 29 to consider increase in limit investment of FIIs to 49 per cent from the current level of 30 per cent. FIIs are holding 26.77 per cent now (as on March 31, 2002) in the company. The counter attracted a volume of over 57 lakh shares on NSE and its last price showed an inter-day gain of 1.5 per cent. However, two-month average volume of Zee on NSE stands around 75 lakh shares per day.

Source: Business Line

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