Nifty Media in a frenzy buying, index tops 11%; ZEEL leads the bull charge, rises 29%; DishTV, TV18 Broadcast up 8-10%

All stocks listed on Nifty Media were in the green. The index was trading near the record high.

Sep 14, 2021 12:09 IST India Infoline News Service

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Media stocks were in a hysteria buying spree on Tuesday as the index Nifty Media hits new record highs led by broad-based buying and Zee Entertainment Enterprises (ZEEL) leading the bull charge. All stocks listed on Nifty Media were in the green. The index was trading near the record high.

At around 11.58 AM, Nifty Media was trading at 1,913.10 higher by 188.85 points or 10.95%. The index has touched an intraday high of 1,913.55 that was just a couple of points away from the 52-week high of 1,927.25.

Zee Entertainment (ZEEL) was the top bull skyrocketing 29%. The stock has touched an intraday high of Rs242.35 per piece that was near the upper circuit. 

On Monday, Ashok Kurien and Manish Chokhani resigned from the position of Non-Executive Non-Independent Directors of the Company with immediate effect. The two directors resigned after shareholders like Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC demanded the removal of three directors of the company. Apart from Kurien and Chokhani, the two mentioned shareholders have also demanded the removal of the company's managing director and chief executive Punit Goenka as director.

Further, on Nifty Media, DishTV and TV18 Broadcast soared nearly 10% and 8% respectively.

Jagran Prakashan zoomed nearly 5%, while SunTV and Network18 climbed more than 4% each. DB Corp and TV Today surged more than 2% each.

PVR and INOX Leisure advanced nearly 1% each. 

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