MUMBAI: The cricket World Cup has wrecked havoc on the listed television companies, particularly because none of them had the rights to telecast the greatest cricketing spectacle. Most of the listed companies lost a substantial chunk of their market capitalisation; although some of them are on the rebound in the first week of April 2003.
On 4 April, Zee Telefilms opened the day at Rs 73.2 on the Bombay Stock Exchange (BSE), fell by 1.3 per cent to finish at Rs 72.25. The volume of shares trades was around 1.2 million shares. The scrip had dipped to a 52-week low of Rs 60.15 after hovering around the Rs 100 mark in the first week of 2003.
The current rebound is attributed to the fact that the World Cup is over; Zee's Siti Cable is gearing up to tackle the conditional access system (CAS) scenario; and Chandra has got the nod for DTH (direct to home) from the information & broadcasting ministry (I&B).
On the National Stock Exchange (NSE), the Zee Telefilm scrip started the day (4 April) at Rs 72.45; fell 2.05 per cent and ended the day at Rs 71.50. The volume of shares traded was around 2.4 million.
The Balaji Telefilms scrip climbed up 5.87 per cent to end the day (4 April) at Rs 65.85 on the BSE. On the NSE, it rose by 6.35 per cent to end the day at Rs 66.15. Higher volumes of shares - 143,743 - were witnessed. Recently, the share had dipped to a 52-week low of Rs 52 on the BSE. It started the year 2003 at the Rs 80-mark.
Sri Adhikari Brothers Television Network grew by 7.78 per cent to end the day (4 April) at Rs 52.65. On the NSE, the scrip rose to Rs 52.25 (up Rs 6.85 per cent).
Cinevistaas grew by 7.18 per cent to end the day (4 April) at Rs 23.15 on the BSE. The scrip had touched a 52-week low of Rs 17.7. Towards the beginning of the year, it was hovering around the Rs 40-mark.
Creative Eye grew marginally by 1.1 per cent to finish the day (4 April) at Rs 10.50 on the BSE. The stock had started the year with the price at the Rs 14-mark.
The ETC Networks scrip rose by 4.34 per cent to end the day (4 April) at Rs 43.30. The scrip was ruling at the Rs 70-mark in the first week of the year 2003.
It would be interesting to see what kind of an impact the World Cup would have had on Star India or Sony Entertainment Television if these companies had been listed on the stock exchanges.
