Entertainment & Media stocks swing back from 52 week low

MUMBAI: While the global market meltdown has been taking its toll on India too, the BSE Sensex today bounced back and was up by 482.32 points to end the day above the 9000 mark at 9229.75 points.

The entertainment and media stocks rallied with the indices and most stocks outperformed the index. The only stock that lost ground was that of Mukta Arts in which the company’s promoter Subhash Ghai recently upped his stake marginally.

Media stocks were in the limelight today with NDTV at Rs 93.50, up a whopping 28.26 percent, whereas the TV Today network was up 18 percent. Other media stocks like Mid-Day Multimedia, Zee Entertainment Enterprises, IBN18 Broadcast, Sahara One Media and Entertainment and Entertainment Network were also amongst the gainers.

In the film production space, Tips Industries’ stock rose from its 52 week low of Rs 20 to Rs 24 today. Up 19.90 percent, Tips was the largest gainer amongst the production stocks. Meanwhile UTV Software Communications was up 11.90 percent; Shree Ashtavinayak Cine Vision, which announced the formation of four subsidiary companies yesterday, also did not see much movement.

On the other hand, multiplex stocks like Inox Leisure did not see much activity and closed at yesterday’s price; Cinemax India, PVR Cinemas and Adlabs saw a rise of around five percent. While Fame saw a marginal rise of 0.81 percent.

One only hopes that the upswing lasts!

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