Nifty Media index up 2%; Network18, Zee stocks surge

Music Broadcast, Jagran, ZEEL and Balaji Telefilms were up in the range of 4-5% each. Zee Media, Hathway, PVR and TV Today are also up in the media index.

Nov 21, 2019 06:11 IST India Infoline News Service

The Nifty Media index gained 2% in the late morning trade on Thursday led by ZEEL, Network18, Jagran and Balaji Telefilms.

Shares of Network18 surged 13% after media reports said that Sony Corp. is in talks to acquire a stake in the company.

Shares of Zee Entertainment Enterprises jumped 5% after Essel Group is further planning to divest its stake in the company. Around 15cr shares or 15.61% equity changed hands in large trades at Rs304 on the NSE.

Music Broadcast, Jagran, ZEEL and Balaji Telefilms were up in the range of 4-5% each. Zee Media, Hathway, PVR and TV Today are also up in the media index.

On the flip side, Dish TV, Sun TV and DB Corp are trading in the negative zone.

Shares of Aavas Financiers, Agro Phos, BPCL, Chembond Chemicals, IGL, Max Financial Services, Polycab India and Rallis India hit a 52-week high on the NSE.

Meanwhile, the Sensex is down 69 points at 40,583, and the Nifty down 21 points at 11,977. About 779 shares have advanced, 912 shares declined, and 444 shares are unchanged. 

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