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MUMBAI:
If the benchmark Sensex recorded its second biggest fall ever
of over 900 points due to the alarm bells of a recession in
the US, media stocks also came under the cold wave of the
2008-09 budget which had nothing major to offer in terms of
tax cuts.
The
Sensex settled Monday at a two-week low of 16,677.88, a fall
of 900.84 points, or 5.12 per cent, from its last close.
The
heat didn't escape the media distribution companies despite
the finance minister P Chidambaram announcing duty waiver
on specific parts of set-top boxes in the budget. Shares of
Zee group's Wire and Wireless India (Zee's demerged cable
TV company) got whipped by 7.54 per cent to close at Rs 44.15.
Zee's direct-to-home company Dish TV also slipped 4.18 per
cent to Rs 58.45.
Hinduja
Ventures, which mainly holds the cable TV assets of the Hinduja
group, was relatively spared the whip but fell by 2.88 per
cent to Rs 529.50.
B.A.G
Films and Media plunged 7.34 per cent to stumble at Rs 47.35.
TV18
group of companies felt the pinch in the market. Shares of
Global Broadcast News (GBN) fell by 5.42 per cent to close
Monday at Rs 187.50 on the BSE. TV18 dipped 5.71 per cent
to stand at Rs 407 at the end of the day while Network18 was
at Rs 347, losing 2.84 per cent.
The
impact also spread to the FM radio sector with market leader
Entertainment Network (India) Limited shedding 4.39 per cent
to stand the day's close at Rs 405.05.
In
the news genre, TV
Today fell by 3.08 per cent (Rs 125.70) while Zee News lost
2.52 per cent (Rs 50.20). NDTV, however, slipped marginally
(0.63 per cent) to close at Rs 405.
The
other losers were UTV Software and Communications (lost 1.28
per cent to end at Rs 806.80)
and Balaji Telefilms (0.24 per cent to Rs 211).
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