Nifty Media index advances over 1.5%; TV18 Broadcast and Network18 lead the gains

Sun TV and Dish TV also advanced over 2.7%; ZEEL marginally higher while PVR sinks 1.5%.

Jun 21, 2021 01:06 IST India Infoline News Service

Bull Market
Nifty Media bucked the markets bearish trend to advance over 1.5% on Monday. TV18 Broadcast and Network18 led the gains, while Sun TV and Dish TV also advanced over 2.7%. PVR and DB Corp were under pressure.

At around 1.10 PM, Nifty Media was trading at 1,883.60 up 29.65 points or 1.60%, touching a high of 1,890.25 and low of 1,816.05 during intraday trade on Monday. BSE Sensex was trading at 52,342.78 down 1.67 points or 0.00% Nifty50 at 15,686.35 up 3.00 points or 0.02%.

TV18 Broadcast and Network18 companies progressed nearly 8% and over 4% at Rs45.80 per piece and Rs54 per piece repectvively on reports of potential merger talks between Viacom18 Media Pvt. Ltd, the owner of the Colors general entertainment channel, and Subhash Chandra’s Zee Entertainment Enterprises Ltd. to create a large media firm with interests spanning broadcast, OTT, live entertainment and movie production.

Viacom18 is a joint venture between TV18 Broadcast Ltd (51%) and US-based ViacomCBS Inc. (49%). TV18 is a unit of Network18 Media and Investments Ltd.

ZEEL was trading marginally higher at Rs222.15 per piece. The company clarified in a regulatory filing that that there is no such transaction being undertaken and the matter is speculative in nature.

Sun TV advanced 2.8% at Rs565.00 per piece and Dish TV gained 2.7% at Rs15.20 per piece to lift the performance of the sector. TV Today also rose over 1%. Jagran Prakashan was also trading higher.

PVR sank 1.5% at Rs1,397.00 per piece to drag the most while DB Corp was also 0.8% down. Inox Leisure traded flat. 

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