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Poll Vault: Media stocks surge on rising ad spend hopes
Media stocks are buzzing in today's trade. TV Today leads the pack with double digit gain. G Krishnan of TV Today, expects advertisement spends to improve after April. Advertisement spends are likely to be at par with last elections, he added.
Media stocks were abuzz in today's trade. As of 10.25 am today, TV Today was leading the pack with double-digit gains. Next on the list was Balaji Telefilms with an 8% gain. TV18 and ENIL were up 5% each.
Currently, the industry is dealing with a drop in advertising revenue, layoffs, and salary cuts, so why the sudden buzz?
G Krishnan, CEO of TV Today expects advertising spends to improve after April. He admits that while advertising revenues have slowed down, March will show better performance. "Advertising spends are likely to be at par with last elections."
Quashing rumours about TV Today Group's sale plans, he said that there were no plans to sell any property, and the company was looking at opportunities to acquire properties.
The company's inventory utilization has reduced, and volumes have come down. But the company has decided to keep rates unchanged as of now. The company is focusing on being number one with Aaj Tak. TV Today stock gained 30% in the past seven trading sessions. Its 52-week high is Rs 131.55 and 52-week low is of Rs 47.50.
Entertainment Network India (ENIL) said it would discount a bearish outlook by brokerages. The radio business continues to do well even though advertisement spends have gone down to a certain extent. OOH (out of home advertising) business is likely to underperform its potential for a few quarters. Phase III policy has already been drafted and the company expects the policy to be announced post elections. It sees lot of spectrum consolidation after phase III policy.
