Media stocks under pressure; ZEEL sinks 3% to drag the most

Dish TV and PVR were the only companies from the media sector trading higher.

Jan 11, 2021 02:01 IST India Infoline News Service

Bear Versus Bull Silhouette
Media stocks started the fresh week on a bearish note. The sector was trading 1.25% lower to drag the indices along with metal stocks.

Zee Entertainment Enterprises Limited struggled the most while Inox Leisure also was bearish.

Dish TV and PVR were the only companies from the media sector that were trading higher.

At around 2.18 pm, Nifty Media was trading at 1,734.15 down 22.45 points or 1.28%. The index touched a high of 1,780.90 and low of 1,724.65 during an intraday trade on Monday. 

ZEEL led the losses by trading at Rs223.85 per piece down Rs7.30 or 3.16%. Brickwork last week, downgraded the the Credit Rating of ZEEL in connection with 6% Cumulative Redeemable Non-Convertible Preference Shares & the Issuer rating.

Inox Leisure shed 2.35% to trade at Rs338.15 down Rs8.15. TV Today and Jagran were trading around 1.5%.

Sun TV, TV18 Broadcast, Hathway and DB Corp were also trading in the red.

Dish TV led the gains in a bearish sector. The Cable and Broadcast company was trading at Rs12.90 per piece up Rs0.10 or 0.78%.

PVR also was trading Rs7.95 higher or 0.55% at Rs1,462.95 per piece. Foreign portfolio investors raised stake in PVR to 38.5% in the December quarter from 34.6 percent in the September quarter.

BSE Sensex was trading at 49,155.39 up 372.88 points or 0.76% and Nifty 50 at 14,447.25 up 100.00 points or 0.7%.

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