The Nifty Media index was trading ~1% higher in the late morning session on Thursday. The index's gain was being led by DishTV, up 5%, and SunTV, up 2%, on heavy buying volumes.
DishTV surged as broking house CLSA maintained the "buy" call on the stock with a target price of Rs70 per share.
The firm added that the company has migrated 90% of its 24 million subscribers to TRAI’s new pay-TV regime and that the key catalyst will be the soon-to-happen Essel group deleveraging.
The brokerage house also justified that the stock valuation is compelling at 2.5x EV/EBITDA, while the risk-reward was favourable at current levels.
Network18, Inox Leisure, and Zee Media were also trading higher by over 1% each.
On the flip side, shares of Eros Media, TV Today, and Jagran Prakashan were down by over 1% each.
Dish TV India Ltd is currently trading at Rs36.20 up by Rs1.8 or 5.23% from its previous closing of Rs34.40 on the BSE.
Sun TV Network Ltd is currently trading at Rs578 up by Rs10.7 or 1.89% from its previous closing of Rs567.30 on the BSE.
Network 18 Media & Investments Ltd is currently trading at Rs34 up by Rs0.55 or 1.64% from its previous closing of Rs33.45 on the BSE.
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