Media and tech stocks set bourses on fire

Zoom. The stockmarket polevaulted today on a manic Monday which proved to the best in the past three months. The Bombay Stock Exchange sensitive index (BSE Sensex) ended firm at 3,322.77, up 70.57 points at the end of the day. The National Stock Exchange Nifty Index rose 21.60 points to end at 1,080.60.

Institutions went berserk as they went about picking selective counters and speculators ploughed into second rung media and tech stocks. Media and tech stocks were at the forefront. Infosys was the top gainer with a close to 10 per cent rise to Rs 3,910. The next highest climber was top media stock Zee Telefilms, which scampered up 9.8 per cent to Rs 132.80 till close of day. The reason: the buzz that Zee TV has offloaded equity to a foreign media major continues to add buoyancy to the stock, even though the company has denied the rumour outright. Additionally, Zee Telefilms advisor UBS Warburg has placed a buy recommendation on the stock, which has been fuelling the upward run, say market sources.

The market expects viewers to respond well to the mythological serials such as Ramayan and Mahabharat which are slated to launch soon on struggling mother channel Zee TV. Finally, the perception is that Zee Telefilms has successfully transitioned from a free to air to a pay TV regime.

Other media stocks also joined the party. Sri Adhikari Brothers skyrocketed 20 per cent to close at Rs 78, while Jain Studios zipped up 14 per cent closing at Rs 49. TV18 closed stronger by 12 per cent at Rs 98 while Pentamedia was up 10 per cent at Rs 70. Tips notched up gains of 8 per cent when trading ended, with its price at Rs 99. Saregama India went up 11.91 per cent to Rs 155. Cinevista Communications (Rs 46.10), Padmalaya Telefilms (Rs 106.50), Adlabs Films (Rs 56.30), Creative Eye (Rs 34.65), Mid-Day Multimedia (Rs 23.90), Pritish Nandy Communications (Rs 30.90), and Crest Communications (Rs 70.15) hit their individual upper limits of their circuit breakers.

On the tech front, software major Satyam Computers gained 5 per cent to close at Rs 224 while second line techs attracted considerable buying and closed with huge gains. Rs Software was up 16 per cent at Rs 60 while Visualsoft gained 15 per cent at its close of Rs 162. Polaris was up 15 per cent at Rs 148 while Aptech closed at Rs 79 with a gain of 12 per cent. Wipro gained 10 per cent at Rs 1,462.

Momentum stocks Global Tele and HFCL also notched up neat increases. Global Tele was up 4 per cent at Rs 123 while HFCL gained 6 per cent at its close of Rs 103.

While new economy stocks rose, old economy stocks such as FMCG declined with keen selling taking place.

Stockmarket sources say that the movement in certain new economy stocks can also be attributed to Ketan Parekh, who has supposedly become active again in his favourite stocks once again. Additionally, observers point out that the ripple effect of an Asian recovery in the wake of better tidings on Wall Street on Friday helped the Indian stockmarkets go up.

Asian bourses were singing with the Hang Seng index up by 69.65 points, Tokyo's Nikkei up by 367 points to 11,064, Seoul's Kospi by 29.38 points to 675. The Straits Times' Index and Taipei's Taiex also showed northward movements.

Latest Reads
Nat Geo to showcase 'Before The Flood' TVC-free

On the heels of last Friday’s theatrical release of the critically acclaimed film 'Before the Flood' in New York and Los Angeles, National Geographic Global Networks CEO, Courteney Monroe, shared the network's plans to premier the show commercial free across digital and streaming platforms around...

Television TV Channels Factual & Documentary
Disney India acquires rights of 'Freaktown'

Disney India has acquired the Canadian animated comedy series 'Freaktown' from Portfolio Entertainment. Broadcasters in the UK and Denmark have also acquired the rights for the same movie.

Television TV Channels Kids
ZMCL to demerge print biz into DMCL, list; approves new home shopping channel

The board of directors of ZMCL has inter alia approved a draft of Scheme of Arrangement and Amalgamation for demerger of print media undertaking of the company into Diligent Media Corporation Limited (DMCL), merger of Mediavest India Private Limited and Pri Media Services Private Limited into DMCL...

Television TV Channels News Broadcasting
DD D-G Sahu elected Asia-Pacific Broadcasting vice-president

Doordarshan Director General Supriya Sahu has been elected as the new vice-president of the Asia-Pacific Broadcasting Union. The election was held during the 53rd annual Asia-Pacific Broadcasting Union General Assembly hosted by the Indonesian public broadcaster RRI,

Television TV Channels People
Star Movies presents 'Films To See...' every weekday starting 7 Nov

Star Movies Select HD has been staying true to its promise of impeccable curation by showcasing the best. Star Movies sets standards of storytelling high inspiring a lot of others to try and re-invent the art of movie showcasing business.

Television TV Channels English Entertainment
Q2-17: Zee Media operating profit up

BENGALURU: The Essel Group’s news network Zee Media Corporation Limited (ZMCL) reported more than double (2.47 times) year-over-year (y-o-y) operating profit (Simple EBIDTA) for the quarter ended 30 September 2016 (Q2-17, current quarter) . The company reported EBIDTA of Rs 18 crore (14.3 per cent...

Television TV Channels GECs
National Geographic Channel to undergo major rebranding

MUMBAI: Come 14 November and the National Geographic Channel will have a new shortened sobriquet. The word channel will disappear from its name and it will be simply known as National Geographic and a new tagline “Further.” The change is expected to take place simultaneously across all the 445...

Television TV Channels Factual & Documentary
Maha Cartoon targets 65 per cent rural HSM via DD FreeDish, 2000 LCOs

Who can forget the Charlie Chaplin show which entertained the world audience of all ages. Maha Cartoon, the first free-to-air (FTA) Hindi cartoon channel targeted at the Hindi-speaking markets (HSM), will be launched on India's largest DTH platform DD FreeDish on 1 November. The new Maha Cartoon...

Television TV Channels Kids
Vikram Chandra steps down; KVL Narayan Rao is new NDTV group CEO

The rumours that were making rounds of Vikram Chandra quitting NDTV have now been put to rest.

Television TV Channels People

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories