Nifty Media stocks rallied 4% to lead the overall bullish market on Monday after a bloodbath on Friday. The Index spurred up with major gains from
TV18 Broadcast,
ZEEL,
Jagran and
Hathway.
At around 1.30 pm, Nifty Media was trading at 1,689.75
up 64.60
points or 3.98%
near the day's high of 1,690.65 on Monday.
TV18 Broadcast skyrocketed 9.29% at Rs31.75 per piece and was performing near day's high of 31.80 on Monday.
ZEEL spurred 7.26% at Rs215.60 per piece. Hathway advanced 7.23% at Rs31.90 per piece while Jagran also gained 5.86% at Rs63.20 per piece.
Sun TV also gained over 2.5% while DB Corp and Dish TV were also over 1% higher.
TV Today, Inox Leisure and PVR were also marginally higher to make the trade all-green in the index.
Indian media and entertainment (M&E) sector is expected to witness a strong 27% growth in revenue to around Rs1.37 lakh crore in 2021-22, after contracting 26% this fiscal, according to a recent report from ratings agency Crisil .
Segments such as digital and television (TV) will have relatively shorter time to bounce-back to pre-pandemic levels while print, films, outdoor, and radio would take longer.
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