Friday the 13th unlucky for media stocks

MUMBAI: The Sensex touched an all time high of 12736.42 on Friday the 13th October but surprisingly many media and entertainment stocks took a beating.

Mukta Arts was down by 3.6 per cent and closed the day at Rs 59.80, which is close to its 52 week high of Rs 66.1 on account of profit booking. Incidentally, on 12 October, Mukta Arts sold the satellite rights of 12 of its movies to Zee Telefilms for Rs 220 million (Rs 22 crores). (Read story here)

Sahara One Media and Entertainment was down by 2.10 per cent. The stock closed at Rs 310, which was also the lowest rate it touched. The other losers on the Bombay Stock Exchange (BSE) today were SaReGaMa was down by 2.78 per cent registering a loss of Rs 5.25 and closing at Rs 183.65.

Some of the other stocks that were not able to ride on the Sensex success were Television 18 India, UTV, Zee Telefilms, INOX Leisure and Galaxy Entertainment.

While some other media and entertainment stocks bucked the trend and were riding high on the back of news circulating in the market. Smartly up were Crest Animation and Mid-Day, wherein both closed at their upper circuit filters at 9.99 per cent and 9.95 per cent respectively. Crest Animation was up by a phenomenal Rs 12.45 to close at its day high of Rs 137.10.

Crest Animation at its annual general meeting today announced that it had diluted its investment in RichCrest Holdings Inc. (RCH) by way of further allotment of securities to the extent of 26 per cent post dilution to D E Shaw Group as per the agreements and 11 per cent post dilution to employees under ESOP. Consequently, the shareholding of the company in RCH through its subsidiary Crest Communications Holdings Ltd, Mauritius will be reduced to 54.80 per cent against 86.98 per cent pre issue holding.

Mid-Day closed at Rs 50.30, up Rs 4.55 from the previous day’s closing.

Showing strength yet again, Reliance Communications was also in the green by 6.32 per cent to close at Rs 367.80, up Rs 21.85 closing just below its 52 week high of Rs 369.90.

Shringar Cinemas was also very buoyant on rumors of its sale to the Reliance Anil Dhirubhai Ambani Group (R-ADAG), up 6.21 per cent to close at Rs 64.95.

While NDTV maintained its rise up Rs 8.85 to end the day at Rs 239.75.

Rajesh S Ullal

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