Television

Listed media stocks rise prior to budget

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MUMBAI: Media scrips rebounded today and beat the downturn which they have been witnessing recently. In Budget 2003-4, the positive impetus for the media sector is likely to come from the drop in the duties of set top boxes, say analysts. The marginal tax rate change will not impact the listed entertainment companies are already paying taxes at this rate.



On the Bombay Stock Exchange (BSE), the Zee Telefilms scrip opened the day at Rs 81; climbed to Rs 83.25 - up 2.78 per cent. A total of 595,571 shares were traded. The P/E ratio is 24.77 and the EPS at Rs 3.35. The scrip bucked a five-day losing trend today and is expected to benefit from the budget related announcements and post conditional access system implementation.



On the National Stock Exchange (NSE), the scrip opened at Rs 80.65; rose 2.71 per cent to end the day at Rs 83.40. The total volume traded was 1,315,739.



On the BSE, the Balaji Telefilms scrip opened the day at Rs 81; climbed to Rs 73.95 - up 2.57 per cent. A total of 13,529 shares were traded. On NSE, the scrip opened at Rs 72.20; rose 2.56 per cent to end the day at Rs 74. The total volume traded was 54,073.



In its report dated 18 February 2003, Investment bank Merrill Lynch had maintained its `buy` rating on media major Balaji Telefilms due to its share of programmes in the Top 100 list.



DSP Merrill Lynch's report says that the conditional access scenario (CAS) would lead to premium pricing for Balaji`s channel-driver branded content. The main growth drivers would be high value weekend programming and continued strong ratings of existing on-air shows



On the BSE, the Mukta Arts scrip opened the day at Rs 61; climbed to Rs 61.40 - up 0.66 per cent. A total of 23,308 shares were traded. On the NSE, the scrip opened at Rs 60.25; rose 0.49 per cent to end the day at Rs 60.30. The total volume traded was 39,654.



On the BSE, the Television Eighteen scrip opened the day at Rs 60.45; climbed to Rs 60.95 - up 0.83 per cent. A total of 6,067 shares were traded. On the NSE, the scrip opened at Rs 60.90; rose 1.75 per cent to end the day at Rs 61.20. The total volume traded was 15,832.



On the BSE, the Cinevista scrip opened the day at Rs 26.65; climbed to Rs 26.80 - up 0.56 per cent. A total of 2,200 shares were traded. On the NSE, the scrip opened at Rs 27.20; fell to Rs 26.00. The total volume traded was 2,105.

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