Media Stocks go north with Sensex reaching three year high

With the heavy support from Foreign Institutional Investor Sensex  rose to three year high closing close to 21,000 on 18th October 2013.  It appears that Stock Market has already started its Diwali celebration with a jubilant mood.  

On Thursday, foreign institutional investors (FIIs) bought Rs. 11.09 billion worth of shares, a tenth consecutive session of purchases that brought their total to Rs. 78.47 billion, according to SEBI and exchange data.

With the Sensex going north the activity on the media counters such as Zee Entertainment Enterprise (ZEEL), DB Corp and Reliance MediaWorks remained upbeat. ZEEL ended the session 1.6% higher at Rs. 253 on BSE. Strong financial performance for the second quarter to September 2013 helped fuel renewed optimism on DB Corp, the largest regional newspaper printing and publishing house. In early Friday trade, the company settled the week at Rs. 251.85, up 4%.

 Reliance MediaWorks counter added 2% to round up the week at Rs. 44.80, posting its second successive week of gains. Last month, the company completed allotment of shares on a right basis. It raised Rs. 588 crore (Rs 5.88 billion) through right issue. Meanwhile, Sun TV Network witnessed selling pressure from profit taking. The company added over 5% during the first half of October to scale a monthly high of Rs. 430. Sun TV shed 1.4% during the week. Late recovery on Friday, however, helped the stock trim some losses.

Source: http://cablequest.org/news/national-news/item/3345-media-stocks-go-north-with-sensex-reaching-three-year-high.html
Source: http://cablequest.org/news/national-news/item/3345-media-stocks-go-north-with-sensex-reaching-three-year-high.html