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Media stocks gain as analysts greet Zee results

MUMBAI: It was a hectic week with the Reserve Bank of India credit policy, annual results for several companies - Zee Telefilms and ETC Networks amongst others. The BSE Sensex gained 42.60 points, or 1.4 per cent, for the week to settle at 2,966.63, recovering from a 6-month low of 2,924.03 in the previous week. The week was a comparatively good one for listed media stocks as many of them rose higher as compared to the previous fortnights.

On 2 May, Zee Telefilms opened the day on the Bombay Stock Exchange (BSE) at Rs 76.85; dropped 0.39 per cent to end the day at Rs 76.55. The scrip has gained due to the positive sentiments expressed by financial analysts post the declaration of the annual results on 28 April 2003. The scrip had dropped to Rs 67.4 on 19 April and Rs 65.80 on 12 April. The volume of shares trades was around 4.87 million shares on 2 May.

At the National Stock Exchange (NSE), the Zee Telefilm scrip started the day (2 May) at Rs 76.65; increased by 0.33 per cent to end the day at Rs 76.75 as compared to Rs 67.50 on 19 April and Rs 65.50 on 12 April. The volume of shares traded was around 9.33 million.

The Balaji Telefilms scrip opened the day (2 May 2003) at Rs 65.5; dropped 0.92 per cent and ended the day at Rs 64.90. The volume traded was 25,356 shares. This is higher than Rs 60.85 on 17 April and Rs 59.75 on 12 April on the BSE. On the NSE, the scrip opened the day at Rs 67.80; fell by 0.76 per cent to end the day at Rs 65. However, the price was higher as compared to Rs 61.80 on 17 April and Rs 59.10 on 12 April. Balaji Telefilms annual results will be announced on 22 May.

The Television Eighteen India scrip opened at Rs 71.05 on 2 May, rose by 5.49 per cent to Rs 74.95 on the BSE. A total of 145,405 shares were traded. On the NSE, it opened at Rs 73.90, rose to Rs 74.60 (up 4.70 per cent). A total of 671,655 shares were traded. For the year ended March 2003, the company's revenue is up 25.06 per cent, at Rs 361.7 million, compared to Rs 289.21 million last year. Net profit for the year is at Rs 30.2 million, compared to a loss of Rs 46.41 million last year.

Sri Adhikari Brothers Television Network (SABTNL) opened the day (2 May) at Rs 55.05; rose 1.82 per cent to end the day at Rs 56.05. The price is higher than that which existed on 17 April - namely Rs 48. On the NSE, the scrip ended the day at Rs 55.75 (up 0.75 per cent).

Cinevistaas opened the day (2 May) at Rs 23.8 grew by 2.52 per cent to end the day at Rs 24.40 on the BSE. The scrip is still hovering around the same level as it was placed at Rs 21.30 on 17 April and Rs 22.85 on 11 April. On the NSE, the scrip opened at Rs 25.35; rose by 3.73 per cent to end the day at Rs 25.00.

Creative Eye opened the day (2 May) at Rs 10.45 and dropped to Rs 10.05 on the BSE. On the NSE, the scrip rose by 4.90 per cent to end the day at Rs 10.70.

The ETC Networks scrip rose opened the day at Rs 39.8; dropped by 2.39 per cent to end the day at Rs 38.85 on the BSE. The scrip was placed higher at Rs 41.15 on 17 April and Rs 39.80 on 12 April.

ETC Networks Ltd announced an audited profit after tax of Rs 141.3 million for the year ended 31 March 2003 as compared to a net loss of Rs 141 million during the previous year. The company board, which held its meeting on 28 April, recommended a payment of 20 per cent maiden dividend.

On 29 April, the ETC Networks scrip opened the day at Rs 41.45 on the Bombay Stock Exchange (BSE) and dropped 2.29 per cent to end the day at Rs 40.65. The 52-week high and low of the company were Rs 99 and Rs 33 respectively.

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