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Tag: Bombay Stock Exchange

  • Bloodbath on Dalal Street; media & entertainment see red with Balaji leading fall

    Bloodbath on Dalal Street; media & entertainment see red with Balaji leading fall

    MUMBAI: There was bloodbath on the bourses as the benchmark Bombay Stock Exchange (BSE) Sensex crashed below the 23,000-level to close at 22,951.83, down 807.07 points (3.45 per cent) on Thursday, 11 February, 2016.

    The Nifty also crashed 232.30 points or 3.21 per cent to close the day at 6,983.40.

    Amongst other sectors that bore the brunt of this melt down, was also the media and entertainment sector, which saw red. Bucking the trend was Videocon Industries, which closed the day up 0.05 per cent at Rs 107.90 as compared to its previous day close of Rs 107.85.

    Balaji Telefilms was amongst one of the biggest losers with the stock slumping 14.57 per cent to close the day at Rs 89.70 as compared to its previous day close of Rs 105.

    Eros International Media slumped 12.40 per cent to Rs 156.85, down Rs 22.20 from its previous close of Rs 179.05.

    DQ Entertainment (International) was down 10 per cent to close the day at Rs 23.85 as compared to its previous day’s close of Rs 26.50.

    B.A.G Films & Media was down 9.87 per cent at Rs 3.47. Also affected was the direct to home (DTH) company Dish TV India, which closed the day at Rs 72.45, down 8.75 per cent.

    TV Today Network was down 7.16 per cent to close the day at Rs 280.60 and touched an intra day low of Rs 277.10.

    Network18 Media & Investments as well as Shemaroo Entertainment were down 6.32 per cent. While Shemaroo closed the day at Rs 249.10, Network18’s stock price stood at Rs 41.50 at the end of day’s trade.

    With a drop of 6.16 per cent, Saregama India closed the day at Rs 251.20, whereas multi system operator (MSO) Hathway Cable & Datacom lost 5.39 per cent to close the day at Rs 35.10.

    Den Networks dipped 5.22 per cent to close at Rs 66.30 after touching an intra-day high of Rs 71. Meanwhile Zee Learn was down 5.08 per cent to close at Rs 32.70.

    The Maran-owned Sun TV Network was down 4.48 per cent with the stock closing at Rs 326.40.

    MSO Siti Cable Network at Rs 33.10 was down 4.20 per cent as compared to its previous close of Rs 34.55.

    After opening at Rs 195.80 and touching an intra-day high of Rs 196, the Orissa based MSO Ortel Communications was also in the red, down 2.76 per cent to close the day at Rs 180 as compared to its previous day close of Rs 185.10.

    PVR’s stock was down 2.68 per cent to close the day at Rs 709.75. The company’s shares touched an intra-day high of Rs 735.80 and an intra-day low of Rs 695.

    Zee Entertainment Enterprises Limited (ZEEL) was down 2.64 per cent. The stock closed at Rs 369.40 from its previous close of Rs 379.40.
    Jagran Prakashan was down 2.31 per cent to close at Rs 156.30, whereas Zee Media Corporation closed at Rs 17.75 and was down 2.20 per cent.

    Entertainment India Ltd (ENIL) was down 1.64 per cent to close at Rs 673.30, while HT Media’s shares were down 0.46 per cent to close at Rs 75.65. Tips Industries’ stock closed at Rs 61.95, down 0.24 per cent.
    NDTV India remained at its previous day’s close of Rs 102.20 witnessing no change. The stock, however, touched an intra-day low of Rs 99.10.
    Share prices of all the companies in the 15 stock Nifty Media Index fell today. The Index was down 3.75 per cent, a fall that was more than the 3.32 per cent drop by the NSE Nifty 50.

    The Nifty Media Index opened at the start of the trading day at 2261.35 points, which was the high for the day. The Media Index witnessed a low of 2161.50, with the last traded price of 2177.45. The volume traded today was 127.36 lakhs (12.74 million) with a traded value of Rs 185.48 crore

    Although more shares of TV18 Broadcast changed hands (69.02 lakh, traded value Rs 26.12 crore), Zee Entertainment (Zeel) saw a traded value of Rs 93.22 crore (a little more than 50 per cent of the Media Index traded value for the day) on a volume of 25.04 lakh. Sun TV was another actively traded stock that saw volumes of 8.81 lakh on a traded value of Rs 29.42 crore.

  • Bloodbath on Dalal Street; media & entertainment see red with Balaji leading fall

    Bloodbath on Dalal Street; media & entertainment see red with Balaji leading fall

    MUMBAI: There was bloodbath on the bourses as the benchmark Bombay Stock Exchange (BSE) Sensex crashed below the 23,000-level to close at 22,951.83, down 807.07 points (3.45 per cent) on Thursday, 11 February, 2016.

    The Nifty also crashed 232.30 points or 3.21 per cent to close the day at 6,983.40.

    Amongst other sectors that bore the brunt of this melt down, was also the media and entertainment sector, which saw red. Bucking the trend was Videocon Industries, which closed the day up 0.05 per cent at Rs 107.90 as compared to its previous day close of Rs 107.85.

    Balaji Telefilms was amongst one of the biggest losers with the stock slumping 14.57 per cent to close the day at Rs 89.70 as compared to its previous day close of Rs 105.

    Eros International Media slumped 12.40 per cent to Rs 156.85, down Rs 22.20 from its previous close of Rs 179.05.

    DQ Entertainment (International) was down 10 per cent to close the day at Rs 23.85 as compared to its previous day’s close of Rs 26.50.

    B.A.G Films & Media was down 9.87 per cent at Rs 3.47. Also affected was the direct to home (DTH) company Dish TV India, which closed the day at Rs 72.45, down 8.75 per cent.

    TV Today Network was down 7.16 per cent to close the day at Rs 280.60 and touched an intra day low of Rs 277.10.

    Network18 Media & Investments as well as Shemaroo Entertainment were down 6.32 per cent. While Shemaroo closed the day at Rs 249.10, Network18’s stock price stood at Rs 41.50 at the end of day’s trade.

    With a drop of 6.16 per cent, Saregama India closed the day at Rs 251.20, whereas multi system operator (MSO) Hathway Cable & Datacom lost 5.39 per cent to close the day at Rs 35.10.

    Den Networks dipped 5.22 per cent to close at Rs 66.30 after touching an intra-day high of Rs 71. Meanwhile Zee Learn was down 5.08 per cent to close at Rs 32.70.

    The Maran-owned Sun TV Network was down 4.48 per cent with the stock closing at Rs 326.40.

    MSO Siti Cable Network at Rs 33.10 was down 4.20 per cent as compared to its previous close of Rs 34.55.

    After opening at Rs 195.80 and touching an intra-day high of Rs 196, the Orissa based MSO Ortel Communications was also in the red, down 2.76 per cent to close the day at Rs 180 as compared to its previous day close of Rs 185.10.

    PVR’s stock was down 2.68 per cent to close the day at Rs 709.75. The company’s shares touched an intra-day high of Rs 735.80 and an intra-day low of Rs 695.

    Zee Entertainment Enterprises Limited (ZEEL) was down 2.64 per cent. The stock closed at Rs 369.40 from its previous close of Rs 379.40.
    Jagran Prakashan was down 2.31 per cent to close at Rs 156.30, whereas Zee Media Corporation closed at Rs 17.75 and was down 2.20 per cent.

    Entertainment India Ltd (ENIL) was down 1.64 per cent to close at Rs 673.30, while HT Media’s shares were down 0.46 per cent to close at Rs 75.65. Tips Industries’ stock closed at Rs 61.95, down 0.24 per cent.
    NDTV India remained at its previous day’s close of Rs 102.20 witnessing no change. The stock, however, touched an intra-day low of Rs 99.10.
    Share prices of all the companies in the 15 stock Nifty Media Index fell today. The Index was down 3.75 per cent, a fall that was more than the 3.32 per cent drop by the NSE Nifty 50.

    The Nifty Media Index opened at the start of the trading day at 2261.35 points, which was the high for the day. The Media Index witnessed a low of 2161.50, with the last traded price of 2177.45. The volume traded today was 127.36 lakhs (12.74 million) with a traded value of Rs 185.48 crore

    Although more shares of TV18 Broadcast changed hands (69.02 lakh, traded value Rs 26.12 crore), Zee Entertainment (Zeel) saw a traded value of Rs 93.22 crore (a little more than 50 per cent of the Media Index traded value for the day) on a volume of 25.04 lakh. Sun TV was another actively traded stock that saw volumes of 8.81 lakh on a traded value of Rs 29.42 crore.

  • Zeel appoints Adesh Kumar Gupta as independent director

    Zeel appoints Adesh Kumar Gupta as independent director

    MUMBAI: Zee Entertainment Enterprises Limited (Zeel) has appointed Adesh Kumar Gupta as an additional director in the category of independent directors with effect from 30 December.

    The company informed the Bombay Stock Exchange (BSE) that the Board of Directors of the company approved Gupta’s appointment.

    With an experience of over 35 years in corporate strategy, M&A, business restructuring, fund raising and taxation, Gupta during his career of over three decades in Aditya Birla Group, held various senior positions in companies like Indian Rayon, Birla Global Finance, Aditya Birla Nuvo Ltd and Grasim Industries Ltd.

    Post his retirement as whole-time director & CFO of Grasim Industries, Gupta ventured into the business finance & corporate service space as designated partner of Progressive Consulting & Business Advisory LLP.

    He had also represented FICCI as a member of NACAS (National Accounting and Auditing Standards) which was instrumental in setting up Accounting Standards in India.

    Additionally, Gupta currently serves on the Boards of Aditya Birla Insurance Brokers and Aditya Birla Trustee Company.

  • Balaji Telefilms denies specific intent to sale of stake in digital business to global firm

    Balaji Telefilms denies specific intent to sale of stake in digital business to global firm

    BENGALURU: Balaji Telefilms Limited has denied any specific intention of selling a stake in its digital business to a global firm  in a response filed at the bourses. The Stock Exchange had asked for a clarification from Balaji Telefilms about a report published in the Economic Times that said the Balaji Telefilms was in talks with a global firm to sell a 20 percent stake, and the deal valued Balaji’s digital business at Rs 1,900 crore.

     

    In its response, Balaji Telefilm said that the company, during its normal course of business, keeps exploring various opportunities to enhance shareholder value, including fund raising opportunities. There are, however, no specific discussions/negotiations by the company regarding sale of its stake in the digital business subsidiary. The response says that Balaji Telefilms was cognizant of its regulatory responsibilities and would keep the Stock Exchanges informed in case of any specific developments.

     

    The response further said that Balaji Telefilms was working towards getting the necessary approval(s) from its shareholders in the matter which was already informed to the Stock Exchanges in its Outcome of Board Meeting  letter date November 9, 2015, stating that the Board of Directors of the Company in its meeting held on November 9, 2015, had approved to raise funds not exceeding Rs 250 crore by way of QIP/GDR/ADR/FCCB/other securities linked to equity/preference shares/any security or instrument representing convertible securities and to increase the authorised share capital of the company  from Rs 20 crore to Rs 26 crore, subject to approval of shareholders.

     

    Balaji Telefilm said that it had no comment to offer on the price movement mentioned by the Stock Exchange letter, as this was a function of the market.

  • Arun Kapoor becomes new Dish TV CEO

    Arun Kapoor becomes new Dish TV CEO

    MUMBAI: Dish TV India has informed Bonmbay Stock Exchange that upon the recommendation of the Nomination and Remuneration Committee of the Board, the Board of Directors of the Company at their meeting held on 20 November 2015inter alia, has approved the appointment of Arun Kumar Kapoor as the Chief Executive Officer of the Company with effect from November 23, 2015.

     

    Further, Kapoor, has also been nominated as a ‘Key Managerial Personnel’ of the Company under the applicable provisions of the Companies Act, 2013 and Listing Agreement. Kapoor was earlier CEO of Taj  TV, the Zeel; groups distribution business subsidiary, a post from which he resigned in April 2015.

     

    Dish TV India CMD Jawahar Goel, while welcoming Arun Kapoor on board said, “Arun  brings a  depth of  business experience that  will  be a perfect  complement to  the expertise of Dish TV in  the DTH industry. His business acumen will enhance our ability  to deliver consumer oriented services while also increasing stake holder’s value.”

     

    Kapoor, on his appointment as the CEO of Dish TV, said, “I am delighted to have the opportunity to lead Dish TV at this important stage in its journey and look forward to working with  the Dish TV team to  ensure that  the Company delivers as per its  strategic business objectives.”

     

    It may be recalled that the earlier Dish TV CEO R.C. Venkateish  or RC as he is called had resigned effective October 31, along with a number of personnel at Dish TV following a board meeting on October 27.  The meeting also saw the elevation of managing director Jawahar Goel as Dish TV chairman, and the resignation of non-executive promoter director Subhash Chandra from the board. RC shall however continue to be associated with the company in an advisory role specifically in areas relating to content, legal and regulatory affairs. He shall also continue to represent Dish TV in the DTH Association and before industry and regulatory bodies.

  • Eros International shares hit one year low; hires law firm to conduct internal review

    Eros International shares hit one year low; hires law firm to conduct internal review

    MUMBAI:  Leading Indian film studio Eros International Media is fighting back to save its image and reputation. The New York and Bombay stock exchange listed company has hired the US law firm Skadden, Arps, Slate, and Meagher & Flom LLP to conduct an independent internal review and also to advise it on related matters to anonymous allegations which led to a steep drop in its share price.

     

    The Eros International share has gone into free fall over the past couple of weeks plummeting around 50 per cent to hit a low of Rs 250.50 in intra-day trading on 2 November.

     

    The downward run in the Eros script gathered momentumon 2 November following the revelation that three  investor rights law firms in the US Steinmeyer Law, Rosen Law Firm and Bronstein, Gewirtz and Grossman were investigating whether Eros International Media’s parent Eros International plc  and certain of its officers or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

     

    The Eros stock had anyone been shedding weight ever since reports appeared that it had allegedly resorted to financial misreporting. This was denied by Eros consistently but things got worse after Wells Fargo analysts fingered it about its rising trade receivables from UAE and others. Despite the company’s statement and explanations, the Eros stock had slimmed down to Rs 278 by end of trading on Friday last week as compared to the shares quote of Rs 438 on 23 October.

     

    The Bombay stock exchange had earlier today asked it to clarify to reports about it being investigated by the three law firms. To this, Eros  had clarified that it was not being investigated; rather it was its parent Eros International plc.

     

    Late in the evening, the company issued a statement in which it stated that “there has been a vicious campaign to damage the credibility of Eros International by spreading false rumors and misinformation regarding its business with an objective to create panic amongst the investor community. No new facts about the Company have come to light since the filing of the FY2015 financials or its Q1 FY2016 financials at which time the market sentiment was extremely positive.”

     

    It further added: “We are confident in our business fundamentals and we will be announcing our Q2 FY2016 results in the first half of November. Our credibility and reputation are of paramount importance.” Hence, it had hired the law firm to do an internal review.

     

    Further Eros addressed the principal allegations related to Increase in receivables, Amortization of content, Subsidiary financials, Capex increase, free cash flow and increasing debt,Auditors, Related party transactions and compensation packages of family members, The Eros Library, Eros Now.

     

    Said Eros in its response:

     

    — The Company’s fundamentals are strong with successful track record spanning decades. The Company may be two years old on NYSE but its business is not a start-up.

     

    — The Company has a dominant market share of the Indian box office worldwide. 50 per cent of the top 15 grossing films in Bollywod were Eros films.Bajrangi Bhaijaan and Tanu Weds Manu Returns earned $30 million and $65 million respectively and were in the top three grossing list.

     

    –Eros’ unique library of over 3,000 films is a key competitive advantage.

     

    —The Company’s unparalleled global distribution network allows it  to distribute its  films in over 50 different countries in over 25 different languages.

     

    —Eros’ entertainment platform Eros Now is an attractive consumer proposition with already 30 million registered users worldwide in the backdrop of 860 million plus mobile subscribers and growing 4G and broadband user base in India.

     

    —The Company’s strong under-levered balance sheet ensures that it well capitalized at all times.

     

    Eros’ statement concluded:  “We will survive this attack and emerge a winner in the long run for many keys reasons.” 

  • Dish TV CEO RC Venkateish resigns

    Dish TV CEO RC Venkateish resigns

    MUMBAI: There’s change coming at the top in India’s oldest DTH operator Dish TV India. The company informed the Bombay Stock Exchange (BSE) a short while ago that its CEO R.C. Venkateish has resigned following a board meeting earlier today.

     

    The meeting also saw the elevation of managing director Jawahar Goel as Dish TV chairman, and the resignation of non-executive promoter director Subhash Chandra from the board.

     

    Venky or RC as he is commonly called was Dish TV CEO for the past five years and his resignation will be effective from 31 October, 2015, while Chandra’s resignation comes into effect by end of today.

     

    RC shall however continue to be associated with the company in an advisory role specifically in areas relating to content, legal and regulatory affairs. He shall also continue to represent Dish TV in the DTH Association and before industry and regulatory bodies.

     

    Under his leadership, among other achievements, Dish TV more than doubled its revenues, increased market share and launched various new services including a  sub brand – ‘Zing’ for the regional market as well as turned profitable.

     

    Said Goel, “On behalf of the Board of Directors and the entire company, I want to thank Mr. Venkateish for his outstanding work and leadership in continuing the growth and success story at Dish TV. His term as Chief Executive was marked by outstanding business performance and exemplary leadership in the challenging environment that the DTH sector operates in. Venkateish lead the company with strength, resolve and passion. Dish TV shall benefit with his continued association with it in an advisory role.”

     

    Added RC, ”I have enjoyed every moment of my stint at Dish TV and it was a great experience to lead the company for over five years through a highly complex business environment and to build it to its current position as a strong profitable leader in the DTH space in India. I look forward to seeing the company continue to build on its successful track record of executing on its plans, innovating and expanding the business and remain very confident about its future prospects. I shall continue my association with Dish for the specific projects.”

     

    Meanwhile the company has announced its Q2FY-2016 results. Details of that will follow shortly.

  • TV18 Broadcast names Dhruv Subodgh Kaji & Rajiv Krishan Luthra as additional directors

    TV18 Broadcast names Dhruv Subodgh Kaji & Rajiv Krishan Luthra as additional directors

    MUMBAI: TV18 Broadcast has appointed Dhruv Subodgh Kaji and Rajiv Krishan Luthra as additional directors designated as independent directors of the company.

     

    The company informed the Bombay Stock Exchange (BSE) on 12 October that the Board of Directors of the company has confirmed the appointment of Kaji and Luthra.

     

    Chartered accountant by profession, Kaji served as a finance director of Raymond and has an experience of more than 25 years. His expertise lies in strategic planning. He also served as director of Balaji Telefilms from 2004 to 2010. 

     

    On the other hand, Luthra is the founder and managing partner of Luthra & Luthra Law Offices. He has been rendering advice for over three decades, on a vast range of commercial transactions involving corporate, tax and civil law issues.

  • Star offloads 26% stake in Balaji Telefilms for Rs 108 crore; shares up 20%

    Star offloads 26% stake in Balaji Telefilms for Rs 108 crore; shares up 20%

    MUMBAI: The “Star” has finally moved out of the Balaji Telefilms household. Rupert Murdoch owned Star Group has offloaded its entire stake of 25.99 per cent in Balaji Telefilms through a block deal on the Metropolitan Stock Exchange of India (MSEI).

     

    As of 30 June, 2015, Murdoch’s company Star Middle East FZ-LLC held 1,69,48,194 shares in the television and film production powerhouse helmed by Ekta Kapoor, which was equivalent to a 25.99 per cent stake. The deal was done at an average price Rs 63.60 per share, which values the transaction at approximately Rs 107.80 crore. The buyer of the shares remains hitherto unknown.

     

    Ekta Kapoor and her family comprising Shobha, Jeetendra and Tusshar Kapoor jointly hold 42.93 per cent stake in the company with a total of 2,79,92,938 shares to their name.

     

    Riding on the back of this news, Balaji Telefilms’ shares rallied on the Bombay Stock Exchange (BSE) on Wednesday 5 August, 2015. The company’s shares were quoting at Rs 95.25, up by Rs 15.85, or 19.96 per cent on the BSE. The stock also hit its 52-week high and there were only buyers and no sellers after the Star Group’s exit block sale.

     

    Star India’s Hong Kong-based parent company Star Group Ltd, had bought a 21 per cent stake in Balaji in 2004 for Rs 123 crore through its Dubai-based affiliate Asian Broadcasting FZ-LLC (now known as Star Middle East FZ-LLC). The stake acquisition was then followed by an open offer, after which Star’s shareholding increased to 25.99 per cent.

     

    Pertinent to note here is that Star has been keen on divesting its stake in Balaji Telefilms since 2008 when relations between the once thick friends went sour over low ratings of Balaji’s shows on Star Plus in the wake of intense competition. Rumors were rife in 2008 and then subsequently every other year that Star was planning to sell its entire stake in Balaji.

     

    Throughout 2004, Balaji Telefilms’ shares were trading in the price range of Rs 92 – Rs 105 on the BSE. While the shares touched a high of approximately Rs 188 in early 2006, it was in late 2007 when the company was at its peak with share price of Rs 350+ per piece. In December 2007, Star’s 25.99 per cent stake was worth a whopping Rs 597 crore based on Balaji’s stock price of Rs 352.40 on the BSE.

     

    While Star has finally made the much-vied exit in 2015, it seems as if this deal brought about a negative return for the company as far as valuation is concerned in the face of the investment that was pumped into Balaji Telefilms by the media behemoth more than a decade ago. However, it must be kept in mind, that over the years Star also earned sizeable amount of dividends from the company. Additionally, Star also enjoyed the fruits of intangible benefits such as the exclusive content agreement with the production house for its TRP-raking soaps. That said, it’s simple math that the price tag of Rs 108 crore for 25.99 per cent stake in 2015, is less than Star’s buying price of Rs 123 crore for 21 per cent stake way back in 2004.

  • Sun TV slams reports about stake sell to Reliance Industries

    Sun TV slams reports about stake sell to Reliance Industries

    MUMBAI: Kalanithi Maran owned Sun TV network has slammed media reports suggesting a possible sell out to Mukesh Ambani’s Reliance Industries Limited (RIL).

     

    As was reported earlier by Indiantelevision.com, media reports published on 20 March, 2015 claimed a possible takeover of Sun TV by Reliance Industries Limited (RIL) and the Bombay Stock Exchange (BSE) had sought clarification from both the companies, which are listed on the bourse.

     

    Responding to the clarification notice from BSE, Sun Group CFO SL Narayanan said, “There is absolutely no truth in the news report that Sun TV is considering a stake sale.”

     

    Echoing the same, RIL in its reply to the BSE has said, “We wish to state that there is no truth in what a website in question has chosen to write. Do please note that the reporter did not ask us about the facts.”

     

    In a notice to both, BSE had earlier in the day said, “The Exchange has sought clarification from Sun TV Network Ltd and RIL with respect to news article appearing on ET Now on 20 March, 2015 titled “Tehelka reports – RIL considering acquiring Sun TV, RIL officials meeting at Chennai office to work out deal & deal in works for last 3 months.”