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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