Low valuations in many media stocks and speculative interest have been the main drivers of these counters, broking sources say. Most of the media stocks have been on a downward journey since the past five to six months. Zee Telefilms had plummeted about 45 per cent since June 2002 when it was trading around Rs 148. Similarly, while Pritish Nandy shed 63 per cent since its high in July, Sri Adhikari Brothers had plunged about 40 per cent in the past five months.
As a result of the southward movement, the stocks were available at lower levels leading to bottom-fishing by operators. Besides, companies like Balaji Telefilms have declared encouraging results during the quarter ended September 2002.
Television content providers have shown marked improvement, not only in their topline and bottomlines, but also in their management structure and control.
Zee has been losing out to other television channels and the recent rally is led by its success lately in catching eyeballs with Thursday Premier Movies. On Thursday, the stock gained 2.78 per cent on the expectation that it may figure in the new list of stocks in which derivatives would be allowed.
Many others, like TV software major Balaji Telefilms, Moser Baer, Mukta Arts, Sri Adhikari Brothers have also gained up to 12 per cent in the past week. On Thursday alone, certain counters from the sector recorded brilliant gains. While Creat-ive Eye shot up by 21.43 per cent on Nov 28, Cine-vista, Pritish Nandy and Crest gained about 3 per cent each.
Even the print media counters like Mid-Day Multimedia, Macmilan India and Tata Infomedia recorded handsome gains. While MacMilan India soared 8.9 per cent on Thursday, Mid-Day spurted by 4.57 per cent and Tata Infomedia by 3.15 per cent on November 28.
Others which recorded gains include Jain Studios, ETC Networks and Tips industries. These counters have gained about 10 per cent each since October 31.