Zee Entertainment valuations not cheap; buy stock on declines: Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi, Fund Manager, Angel Broking, shares his views on media stocks.

ET Now: Let our viewers know what emerged on Friday with regards to the Sun TV's buyback plan. It was not an offer by the promoters buying back but the company itself. That is not going to go down well with the Street.

Mayuresh Joshi: I am not too sure about selling into the stock. But, we are not seeing sufficient positives on the counter. So within the media space, Zee Entertainment is something that I would continue to prefer.

The strong earnings momentum, specifically on the ad revenue front, has been quite stupendous. If you are probably talking about digitalisation and the kind of expectations one really has in terms of subscriber base, you are going to see inching up of subscription revenues. While, the stock is not so cheap valuation-wise, it is clearly a buy on declines. Zee is something that I will still continue to prefer probably within the media universe.