Shares of several major media companies sharply rose in trade on Wednesday ahead of the Union Cabinet meeting
where the government is likely to take up proposals to relax foreign direct investment (FDI) in various sectors, including single-brand retail and digital media, as announced by finance minister Nirmala Sitharaman in her maiden budget last month.
The liberal FDI regime is expected to attract foreign players to invest in the country, which is facing a slowdown.
Seeking to make India more attractive FDI destination globally, Sitharaman had said that government would examine suggestions of further opening up of FDI in aviation, media (animation) and insurance sectors in consultation with all stakeholders.
HT Media shares jumped 16 percent, Network18 rose 13 percent and Balaji Telefilms advanced 11 percent. Zee Media and TV18 rose 8 percent and 6 percent, respectively.
The sectoral gauge, Nifty Media rose 0.72 percent in trade today, after opening at 1,915.40. Ten out of 15 stocks comprising the index advanced. So far this year, the Nifty Media has corrected by over 24 percent.
Meanwhile, benchmark indices traded under pressure with the Nifty50 down by 0.41 percent at 12 pm. The Sensex also slipped by 0.46 percent.
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