Media stocks fall like nine pins with Sensex

MUMBAI: The downward trend in the Indian stock market continues… thus taking a toll on the media and entertainment stocks too. Triggered by the low in the American market, the benchmark Sensex was down 460.83 points to stand at 12425.30, whereas the Nifty stood at 3575.50 points (down 151.25 points) at the end of today’s (5 March) trade.

Last week, (on 27 February), a similar thing happened when the Shanghai market crashed, thus having a ripple effect on many global markets including India. Incidentally, the Indian budget was also announced at the same time, which sent the Sensex falling like nine pins. Media stocks too took a beating as the budget didn’t really have much to offer to media and entertainment companies.

Among the media stocks today, the biggest loser was multiplex chain Cinemax India, which was down 11.01 per cent. The company’s scrip opened at stock Rs 142 and closed at Rs 129.70. Second in tow was UTV Software Communications Ltd, which opened at Rs 264.95 and fell 10.24 per cent to close at Rs 244.65.

Media companies like Saregama India, Galaxy Entertainment and Pritish Nandy Communications all lost more than nine per cent by the end of the day’s trade. Saregama India closed at Rs 192.60 (down 9.98 per cent), Galaxy Entertainment and Pritish Nandy Communications both lost 9.96 per cent to stand at Rs 132.00 and Rs 48.35 respectively.

On the other hand, beating the common market sentiment were two stocks – that of Entertainment Network India Ltd (ENIL) and TV Today Network. The scrips of both these companies were up by 1.14 and 1.40 per cent respectively.

Global Broadcast News (GBN) closed today at Rs 499.15 (down 8.49 per cent), whereas NDTV was down 8.02 per cent to close the day at Rs 297.65.

Subhash Ghai’s Mukta Arts, also took a downhill ride to settle at Rs 66.30 (down 7.47 per cent). Sri Adhikari Brothers, post production studio Prime Focus and multiplex chain PVR Cinemas lost over seven per cent in today’s trading. While Sri Adhikari Brothers closed at Rs 16, Prime Focus closed at Rs 367.50 whereas PVR Cinemas stood at 162 at the end of the day’s trade.

The complete list of media and entertainment stock performance as on 5 March, 2007 is as follows: