Our Bureau

Mumbai, Nov. 28 Media stocks seem to be on the upswing in a volatile market. PVR Ltd was up 7.02 per cent touching the 52-week high of Rs 329.20, Adlabs was also up by 6.73 per cent closing the day at Rs 945.15.

INOX was also up 1.77 per cent to end the day Rs 126.40, and Cinemax rose 0.15 per cent closing at Rs 136.

Analysts say that this climb in the media stock prices show good strength.

“With Adlabs now being totally under Reliance’s control, it seems to attract the fancy of investors.

"And also the fact that they have interests in real estate seems to be doing the stock some good”, said Mr Sanjay Someshwar, sub-broker, Ventura Securities.

Adlabs now is looking at revamping the Indian film industry by making it a more organised business and is also aiming to become the biggest name in the industry.This seems to make the stock lucrative.

Another reason could be the fact that the Information and Broadcast Minister, Mr P.R. Dasmunsi, has announced that FDI can invest 74 per cent in the broadcast sector to bring it at par with the telecom sector.

“Announcement like this seems to bring about a positive reaction. With a lot more money expected to flow into the sector, anticipations are quite high.

"Investors will definitely be attracted to this sector now”, said Ms Anita Gandhi, Head Institutional Business, Arihant Capital Markets Ltd.

Pyramid Saimira Theatre Ltd’s plans seem to be having a positive effect on its peers, analysts feel.

The company is slated to acquire a cinema chain in the UK for $100 million, to expand its overseas presence.

It also announced the acquisition of 51 per cent of Dimples Cine Advertising Pvt Ltd. It also has plans to come out with an IPO for its production unit, Pyramid Saimira Production Ltd, of Rs 150 crore with which it plans to part finance the production of a film.

However, Pyramid stock prices fell on both the BSE and NSE. It fell by 1.94 per cent on the BSE and by 2.42 per cent on the NSE.

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