Shares of media companies were among the major gainers after Quint Digital Media stock was locked at 20 per cent upper circuit in trade today. The rally in the Quint Digital Media stock came after the firm said yesterday Adani Group would acquire a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.
The media firm did not mention the quantum of stake involved in the deal.
The stock of Quint Digital Media touched an intraday high of Rs 483.4, rising 20 per cent against the previous close of Rs 402.85 on BSE.
The stock opened with a gain of 17.91% at Rs 475 today. The market cap of the firm rose to Rs 1,061 crore.
Likewise, the Nifty Media index too gained 47 points or 2.33% to 2057.25 today despite the market crashing after Russia intensified attacks on Ukraine. In the afternoon session, Sensex lost 1,152 points to 55,094 and Nifty fell 289 points to 16,504.
Shares of other media firms were also trading in the green today. The stock of Saregama India gained 4.84% to Rs 4,088 and Zee Entertainment stock rose 3% to Rs 236.25 on NSE. However, the stock of Network18 Media was trading flat at Rs 76.50 in the afternoon session.
"The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz," said Quint Digital in a stock exchange filing.
With this deal, Adani is set to become the second major player in the media industry after Mukesh Ambani-led Reliance Industries (RIL). RIL already owns Network18, which is engaged in the operation of TV channels and digital platforms.
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