Nifty Media index gains 1% led by PVR, Hathway, Zee

Shares of Hathway, Zee, Zee Media and Inox Leisure, which gained 2% each, were leading the index’s gain.

Jul 17, 2019 05:07 IST India Infoline News Service

stock market
Equity benchmark indices extended gains in the morning trade and trading near day's high with the Sensex rising 119 points at 39,251 levels. The Nifty Media index was trading 1% higher as buying was seen in PVR, Hathway and Zee.

The Nifty also gained 36 points at 11,698 levels.

Shares of Hathway, Zee, Zee Media and Inox Leisure, which gained 2% each, were leading the index’s gain. Shares of DB Corp, Jagran and Eros Media also gained 1% each.

However, selling pressure in shares of Den Network slipped 3.5%, followed by Network 18, TV Today and Sun TV, which capped the rally in the media index.

Shares of TV18 Broadcast are trading flat with a positive bias as the company posted a consolidated net profit of Rs18.6cr in Q1FY20 as against a loss of Rs12.48cr in the same period last fiscal.

Network 18 Media & Investments reported a net loss of reported to Rs326.13cr in the quarter ended June 2019 as against a net loss of Rs78.39cr during the previous quarter ended June 2018.

Stock view:
Network 18 Media & Investments Ltd is currently trading at Rs24.90, down by Rs0.75 or 2.92% from its previous closing of Rs25.65 on the BSE.

TV18 Broadcast Ltd is currently trading at Rs23.40, up by Rs0.2 or 0.86% from its previous closing of Rs23.20 on the BSE.

Zee Media Corporation Ltd is currently trading at Rs11.89, up by Rs0.08 or 0.68% from its previous closing of Rs11.81 on the BSE.

Hathway Cable & Datacom Ltd is currently trading at Rs22.20, up by Rs0.35 or 1.6% from its previous closing of Rs21.85 on the BSE.

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