Television

Bull is back at Dalal Street, media stocks up

MUMBAI: After a fall of 190 points in four sessions running, the market on Friday got the bull by its horns. The barometer 30-stock Bombay Stock Exchange (BSE) sensex pulled up yesterday by a good 78.88 points from 3,647.58 a week ago on 18 July to settle at 3,726.46 which is close to the 52-week high of Rs 3750.

The trading session opened with the Sensex at 3,685.31.

Follow-up buying in several index counters like cement, steel and bank continued through the day and lifted the market to an intra day high of 3737.76. Possibility of a hike in steel prices next week pushed up stocks from the sector. Positive quarterly results from ICICI Bank, Century Textiles and GNFC boosted the market further. Analysts believe easy money in the market and high growth rate projections for the economy also fuelled the bull run and speculated that the index could cut into the 3750-mark by Monday.

The Sensex closed the day at 3726, up 58 points.

Total market cap for the BSE sensex was Rs 3,051,707 million out of which the media and publishing sector accounts for 1.56 per cent.

Tips closed stronger by 10 per cent at Rs 40. Sri Adhikari Brothers gained 6% at Rs 73. Cinevista was up 4 per cent at Rs 30. Crest Communications at Rs 34.50 and Balaji Telefilms at Rs 72 ended the day with gains of 3 per cent each.

On the last trading day of the week ended 25 July 2003, the one media scrip that showed up on the top traded index scrips on BSE was Zee Telefilms Ltd. The company registered volumes of above 2.5 million and market capitalisation was Rs 47801.6 million. The scrip closed at Rs 115.9 down by 0.94 per cent and brought down the index by around 0.02 per cent.

Valuations for the media sector

Company

Current Price

P/E(x)

EV/EBDITA(x)

EV/SALES(x)

Price to Book(x)

ROE(%)

Balaji Telefilms    72.80    2.24    1.41    2.22    4.89    45.73

Cinevista    29.75    0.00    -17.60    -16.04    0.37    -1.96

Creative Eye    14.98    20.35    7.19    20.32    0.57    4.10

Crest Communications    34.80    0.00    -9.04    -4.97    0.46    -5.09

G.V.Films    3.40    0.00    -68.94    -29.72    0.07    -0.25

Jain Studio    17.10    0.00    -3.06    -3.23    0.60    -14.36

Mukta Arts    52.25    9.33    7.28    9.36    1.01    17.87

Penta Software    10.45    0.93    1.59    3.02    0.09    188.21

Saregama    54.00    0.00    -3.55    -2.85    0.28    -20.69

Sriadhikari Brothers    71.40    11.76    5.62    12.94    0.42    13.21

Tips Industries    40.10    0.00    2.08    -2.68    0.48    27.72

TV Eighteen    92.10    30.17    13.18    36.05    1.00    9.38

Zee Telefilms    114.60    36.65    19.87    40.78    0.88    199.64

Note:

Current price for the stock is the latest available price.

PE multiple, Enterprise Value (EV), and Price/Book value (P/B) are based on current price.

Sales, EBIDTA, Earnings Growth, Book value and ROE are based on the most recent financial year figures.

The above data are based on information available on www.bseindia.com, www.indiabulls.com et al.

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