Media shares up on Adlabs-Katch 22 deal

MUMBAI: Media shares were in the limelight Thursday after the Bombay High Court approved the amalgamation of Katch 22 Entertainment with Anil Ambani-controlled Adlabs Films.

“The fact that Adlabs Films is an Anil Dhirubhai Ambani group stock has added to the sentimental rise of the stock,” said Brijesh Rajvanshi, media analyst with Networth Stock Broking.

The scheme of amalgamation of Adlabs Films' wholly-owned subsidiary with it became effective from Oct 9, the company said in a notice to BSE. The company's principal activities include providing feature films, television, entertainment and other related services.

At 11:17 am, the Adlabs share was up 10.76 per cent at Rs 717.90. The stock has seen a high of Rs 752.35 in trade so far with volume traded at 9,89,460 against two-week average of 3,26,868 shares.

The rise in Adlabs rubbed off on other media shares. TV18 surged 5.68 per cent to Rs 1,037, TV Today gained 4.09 per cent to Rs 168, NDTV added 1.53 per cent to Rs 384.10 and HT Media rose 1.91 per cent to Rs 213.50.