Nifty Media plunges by 1%; ZEEL, PVR under pressure; Nazara Tech only gainer post acquisition deal

Zee Entertainment dives over 3% as the company cancelled its October 27 board meeting for Q2FY22 due to lack of quorum.

Oct 27, 2021 10:10 IST India Infoline News Service

Negative-Graphic-Stairs
On Wednesday, Nifty Media index witnessed selling pressure as heavyweight stocks like Zee Entertainment and PVR witnessed massive profit booking. The index is in focus amid corporate earning season. Also, volatile markets tone added to the woes.
At around 10:40 AM, the Nifty Media was trading at 2,308.05 down 27.55 points or 1.18%. The index has touched a high of 2,344.70 and low of 2,299.35 during intraday trade.

Nifty Media was in a bloodbath with all scrips on a declining note except for Nazara Tech. 

Rakesh Jhunjhunwala-backed Nazara Tech surges over 4% at Rs2,810 per piece after the company acquires stake in Rusk Media.

However, on the downside, Zee Entertainment dives over 3% as the company cancelled its October 27 board meeting for Q2FY22 due to lack of quorum. 
Saregama India and Network 18 shed over 2% to emerge the biggest laggards in the sector. Network 18 consolidated revenue rises 31% yoy to Rs1,387cr where EBITDA jumps 52.4% in Q2.

Dish TV and TV 18 Broadcast slumps over 1% while Sun TV was down by 0.77% at Rs563.85 on the index. 

Heavyweights Inox Leisure, PVR and Hathway extended losses to make the sector biggest laggard. Inox Leisure stocks under pressure as its Q2 net loss widens to Rs88cr.

Related Story

Open Free Demat Account (Rs699)
Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity