| 26 Sep 2022
Relaxed FDI norms have positive impact on radio players during one-hour trading

MUMBAI: Due to the economic reform on 10 November leaning in favour of Foreign Direct Investment (FDI) in the country, the special one-hour ‘muhurat’ trading at BSE Sensex and Nifty saw a spur in stocks. This increase was seen in the broadcasting sector, which was among the 15 sectors that earned relaxed FDI rules. For two days, markets will remain closed due to Diwali and Hindu New year, however, on Diwali the stock markets opened for an hour.

Listed companies that are operating FM Radio witnessed a soar in stocks. HT media, which runs Fever FM along with print, digital and electronic media, witnessed an increase by 2.05 points or 2.72 per cent, which stands at 77.40. Entertainment Network India Limited (ENIL) saw an increase of 47.25 points or 7.98 per cent, which makes ENIL, which operates Radio Mirchi, stand at 639.70 points.

Jagran Prakashan Ltd, which runs Mantra and recently acquired Radio City, saw a spur of 4.30 points or 2.88 per cent. By the end of the special one-hour trading the company’s stock stood at 153.65. Bag Media and films that operates Dhamaal FM, witnessed an increase of 0.19 points or 7.25 per cent.

Stocks of TV Today Network, which runs Oye FM saw a spur of 10.95 points or 4.58 per cent.

Other media and entertainment companies, particularly music labels, saw an increase, except for Saregama. The label, which is one of the oldest in the country, saw a decrease in its stocks value by 0.56 per cent or -2.20 points, resulting in the label reaching the 388.20 points mark. Stocks of other entertainment companies like Tips Industries and Shemaroo, saw an increase of 1.00 points or 1.85 per cent, and 7.50 points or 2.83 per cent, respectively. Also, Eros International Media Limited saw an increase of 7.90 points or 3.09 per cent in their stock prices.

Other media companies like Sun TV Network stock witnessed an increase of +5.25 or+1.42 per cent, due to which stocks now stand at 375.50 points.