1. Zee Media stock surges 6% as Porinju’s Equity Intelligence picks up 8.7 lakh shares

Zee Media stock surges 6% as Porinju’s Equity Intelligence picks up 8.7 lakh shares

Shares of Zee Media Corporation surged by more than 5.5% on Wednesday after ace investor Porinju Veliyath’s Equity Intelligence picked up 8.7 lakh shares of the company.

By: | Updated: January 3, 2018 5:05 PM
Zee Media shares closed at Rs 48.55 on NSE this afternoon. (Image: Reuters)

Shares of  Zee Media Corporation surged by more than 5.5% on Wednesday after ace investor Porinju Veliyath’s Equity Intelligence picked up 8.7 lakh shares of the company. “Zee Media says Equity Intelligence buys additional 8.7 lakh shares via open market on January 2,” CNBC TV18 reported. The shares closed at Rs 48.55 on NSE this afternoon.

The ace investor had voiced a preference to invest in the shares in October this year. “I like two mid-cap media stocks currently, Zee Media and Balaji Telefilms. Investors could explore and try to understand the business model and their relevance for the future. We hold both the stocks in our portfolio (PMS),” Porinju told ET Now. He predicts that the next 5-10 years will bring about an exponential growth in listed media.

Track live stock price: Zee Media Corporation

Even as the markets enter into new year 2018, Porinju Veliyath says that investors will be disappointed if they invest into the benchmark indices Sensex and Nifty. “2018 as a calendar year I feel is going to be more challenging for the Sensex and Nifty perhaps but at the same time a lot of people will be again disappointed. The same people who were cautioning last one year, will be again disappointed next year when they numbers come up,” the expert told ET Now.

Taking stock of the developments in the previous year Porinju Veliyath noted, “We had a wonderful year in 2017 not only in terms of stock picking, but even the broader index went up by 28-30%. It has been an amazing year. One thing I remember about 2017 is that the academic kind of investors had been cautioning investors throughout 2017 and a lot of them were waiting for a market crash, which never happened. But, I was confident throughout the year that there is a major change happening in the country in the structure of the economy and the markets and investors can make big money. I am very happy to see that ultimately it has happened.”

According to the Kochi-based investor the index will return about 10-15% in the year. “I do not think Nifty or Sensex can move up beyond 10-15% and that is because of the structure of the main indexes but otherwise again stock pickers are going to have good times. This calendar year we had around 80% return for my PMS clients, all of them put together on an average. Next year, I do not think something like that can be achieved, I will be very happy if we could make 35-40% return in 2018 which the index goes up by 10-15%,” Porinju told the channel.

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