Media stocks trade jubilantly after FDI approval

17 Sep 2012 Evaluate

Media stocks are trading jubilantly after the government announced liberation of foreign investment in the broadcasting sector.

TV18 Broadcast is currently trading at Rs. 23.00, up by 0.60 points or 2.68% from its previous closing of Rs. 22.40 on the BSE. The scrip opened at Rs. 23.00 and has touched a high and low of Rs. 24.00 and Rs. 22.60 respectively. So far 523906 shares were traded on the counter.

Network18 Media & Investment is currently trading at Rs. 31.80, up by 1.20 points or 3.92% from its previous closing of Rs. 30.60 on the BSE. The scrip opened at Rs. 31.00 and has touched a high and low of Rs. 32.40 and Rs. 31.00 respectively. So far 32585 shares were traded on the counter.

Zee News is currently trading at Rs. 12.59, up by 0.40 points or 3.28% from its previous closing of Rs. 12.19 on the BSE. The scrip opened at Rs. 12.25 and has touched a high and low of Rs. 12.80 and Rs. 12.25 respectively. So far 67146 shares were traded on the counter.

Balaji Telefilms is currently trading at Rs. 44.65, up by 0.45 points or 1.02% from its previous closing of Rs. 44.20 on the BSE. The scrip opened at Rs. 44.50 and has touched a high and low of Rs. 46.10 and Rs. 44.05 respectively. So far 19702 shares were traded on the counter.

BAGFilms & Media is currently trading at Rs. 4.15, up by 0.04 points or 0.97% from its previous closing of Rs. 4.11 on the BSE. The scrip opened at Rs. 4.10 and has touched a high and low of Rs. 4.25 and Rs. 4.03 respectively. So far 13754 shares were traded on the counter.

The government on Friday raised foreign direct investment (FDI) limit from 49% to 74% in various services of the broadcast sector, except television news channels and FM radio where the existing 26% limit will continue.

The 74% FDI limit will apply to broadcast carriage services providers, including direct-to-home (DTH), head-end in the sky (HITS), multi-service operators (MSOs) and cable TV to bring about uniformity.

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