Media Stocks Get A Leg Up
The government decision provided a boost to the print media stocks today on the BSE.
Mid-Day Multimedia, which runs the tabloid Mid-Day and Sunday Mid-Day, hit the 20 per cent upper circuit to close the day at Rs 31.25. A total of 8.08 lakh shares changed hands at the BSE today.
Tata Infomedia which has business interest in Yellow pages, special interest publications, direct marketing, corporate gifting and children books was also up 18 per cent to Rs 126.80, while Sandesh, the Gujarat based mews daily gained 10 per cent to Rs 122.10, Navneet Publication, a publisher of educational books leapt 11.72 per cent to Rs 194.90 and Macmillan Industries jumped up 8.37 per cent to Rs 250.90.
The Kotak Mahindra Finance (KMFL) stock was also up in afternoon trades on the back of the cabinet news. The stock was up 10.42 per cent to close the day at Rs 166.85
Analysts say the move is definitely a positive for the overall sector, which is reflected in the rise in print media scrips today. One media analyst said,