Stock market gives Zee a thumb up

NEW DELHI/MUMBAI: Even as the 30-share Bombay Stock Exchange (BE) opened today, the Zee stock moved upward as much as 8.32 per cent after the network bagged the BCCI telecast rights. Over 33 lakh Zee shares were traded on the BSE.

People would continue to debate for some times to come whether the Indian stock exchanges-listed Zee Telefilms and its promoter Subhash Chandra did the right thing by committing a whopping over $308 million to acquire the telecast rights of Indian cricket for four years. But the market today reacted positively to Sunday's development as Zee's stock prices soared with sizeable profit-taking happening.

On the Bombay Stock Exchange (BSE), the Zee Telefilms scrip closed Monday at Rs 161.60, signifying a gain of Rs 2.80 or 1.76 per cent. The stock's previous closing figure was Rs 158.80. Similarly, on the National Stock Exchange, the scrip closed the day at Rs 161.65, up 1.86 per cent from the previous closing.

However, what is interesting is that the volume of trading on both the BSE (33,72,240) and the NSE (75,20,870) was certainly high. "Media bigwig Zee Telefilms has gained Rs 9 or 5.8 per cent at Rs 168 after the company bagged a four-year cricket telecast rights from BCCI at a revised bid of $308 million," was how, a financial markets portal, described the sentiments about the Zee scrip in its report on the start of the trading today.

Speaking to, Mumbai-based Suhash Naik, director, equity market, ING Investment Management, said that the reaction of the market shows that the Zee move has been taken as a "positive" one. He added that it also indicates that the market feels that if Sony has demonstrated that money could be made on cricket, Zee too can emulate it.

"The aggressiveness of ESPN Star Sports (which failed to get the rights from the cricket board) also demonstrates that it's a lucrative deal (for Zee)," Naik said.

Though Naik refused to comment whether the Zee scrip would be northward bound in days to come or not, a Delhi-based stock broker was more enthusiastic when he said, "If Zee makes the right sort of noises; I don't see why it should not be crossing the Rs 170 stage over the next 10 days."

That the cricket acquisition was being viewed positively, by and large, was also exemplified by the fact that for a brief during the day, the Zee scrip did get quoted at a high of Rs 171.70 on the BSE, while the corresponding figure on the NSE was Rs 171.85.

An examination of how the Zee scrip did over the last two months makes for interesting viewing. On 15 July, Zee closed at Rs 125.85. Over the next 15 days there was heavy buying on the scrip and by 3 August, it had shot up to Rs 139.40. By Friday, 13 August (the day before the news broke on Saturday, 14 August that Zee was the highest bidder for the India rights); the Zee share had fallen again to Rs 131.40. After that it has been virtually all up so much so that over the past fortnight Zee's market capitalisation had increased a whopping Rs 8.63 billion, markets analysts have pointed out.

Latest Reads
&TV presents Laal Ishq - passionate love stories with a supernatural twist

We promised to be together forever. Nothing could take us apart - not even death. Even though my body has long gone, my spirit still lives on… my soul will always be with you. For true love, never dies. &TV’s latest offering Laal Ishq, a series of passionate love stories with a supernatural...

Television TV Channels GECs
Zee Anmol retains lead in GEC (U+R) in BARC's week 24 data

Zee Anmol retained its top spot in Broadcast Audience Research Council (BARC) data for week 24 in the Hindi GEC (U+R) market. While Star Utsav and Rishtey swapped their third and fourth positions in the rural market, Star Plus and Zee TV exchanged second and third positions in the urban segment.

Television TV Channels Viewership
BARC, Week 24: Rebublic TV dominates, Mirror Now enters top five

MUMBAI: Times Network’s English news channel, Mirror Now, replaced NDTV in the All India Broadcast Audience Research Council’s (BARC) week 24 rantings, as Arnab Goswami's Republic TV continued to dominate the English news market While Aaj Tak led the charts in two Hindi news markets, ABP News...

Television TV Channels Viewership
What next with Fox-Disney-Comcast ?

MUMBAI: Part poker, part chess. That's exactly how the Disney-Comcast bidding war for Rupert Murdoch's entertainment conglomerate - 21 Century Fox - is being played out. The intense, see-saw battle for the media empire, which includes Hollywood studios, cable networks and streaming businesses, isn...

Television Production House Post Production
Sky News gets 15-year commitment from Disney in takeover battle

MUMBAI: Disney has refrained from selling Sky News without the U.K government’s permission and offered British authorities a commitment to operate Sky News for 15 years. For its part, 21st Century Fox has offered new commitments in an attempt to get its $15 billion bid for Sky over the finish line...

Television TV Channels News Broadcasting
Discovery picks Park Avenue address for new global HQ

MUMBAI: Discovery Inc. has selected a Park Avenue address for its new global headquarters. The company is also expanding facilities and adding jobs in Virginia. The company has signed a long-term lease with TF Cornerstone to occupy the entire space of 230 Park Ave South. According to,...

Television TV Channels Viewership
NBCUniversal accuses BeoutQ of illegal streaming of FIFA World Cup in MENA

MUMBAI: NBCUniversal, an American multi-national media conglomerate owned by Comcast, has accused a pirated streaming service called BeoutQ in the Middle East and North Africa (MENA) for illegally broadcasting the FIFA 2018 World Cup matches. NBC's Telemundo unit, which holds the Spanish-language...

Television TV Channels Sports
How Sony is bringing the FIFA World Cup 2018

MUMBAI: Sports broadcasting is no ordinary business. Just ask Star India and Sony Network Pictures (SPN) India – who often slug it out against each other for the rights of premium sporting properties. The two high rollers of Indian sports broadcasting play by one simple rule: high risks, high...

Television TV Channels Sports
Sports media rights to soar 22% in 2018 in Asia Pacific: MPA

The market value of sports media rights is set to reach US$5.0 billion in Asia Pacific ex-China this year, according to Asia Pacific Sports In The Age Of Streaming, a new report published by Media Partners Asia (MPA).

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories