Equity Alert: Balaji Tele up 1% on report co may buy stake in 9X
MUMBAI--10:25AM--Balaji Telefilms was up 1% at 150 rupees on a
newspaper
report the company may buy a "significant" stake in 9X, which is INX
Media's
flagship Hindi general entertainment channel, dealers said.
The promoters of 9X are targeting a valuation of $120 mln-$150 mln
(5.55
bln
rupees-6.93 bln rupees) for the channel from the stake sale, the
Economic
Times reported.
However, dealers remain cautious on the stock, as 9X channel's
performance has failed to live up to expectations, and on weak
earnings
outlook for Balaji Telefilms in the immediate future.
The current financial year will be a year of consolidation for
Balaji
Telefilms with sharp decline in realisations, but next year the
company
should do well, said Anand Shah, analyst, Angel Broking.
Shah has a "buy" rating on the stock with price target of 215
rupees.
Technically, the stock is looking weak on the charts, with support
at 140
rupees, and resistance at 160 rupees, said Kiran Suvarna, technical
analyst,
Finquest Securities.
So far today, 37,114 Balaji Telefilms shares have been traded on
NSE.
------------------------------------------------------------------------------
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Kences1" group.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to [EMAIL PROTECTED]
For more options, visit this group at
http://groups.google.com/group/kences1?hl=en
-~----------~----~----~----~------~----~------~--~---
