Nifty Media index gains 3.87 per cent

Media stocks were buzzing on Thursday following upgrade of credit rating for Dish TV and good set of quarterly numbers reported by GTPL Hathway.

The Nifty Media index closed at 2,057.15, up by 76.70 points or 3.87 per cent. The top gainers were Dish TV India and Den Networks gaining 16.44 per cent and 11.85 per cent, respectively followed by ZEEL up by more 7.59 per cent.

Dish TV India reported credit rating upgrades for its banking facilities on Thursday. The ratings agency CARE Ratings revised the rating for the company's Short-term Bank Facilities of Rs. 850.00 crore in the form of LoC/Bank Guarantee, Term loan and Overdraft from CARE A3 to CARE A3+ (A Three Plus).

The stock of GTPL Hathway was stuck in upper circuit on Thursday with only buyers following 121 per cent on YoY increase in its consolidated net profit for the June quarter Q1FY20. The stock closed at Rs. 64.80 per share, up by 20.00 per cent.

Den Networks held a board meeting to decide its results for the June quarter. The stock in anticipation of positive results registered a gain of close to 12.59 per cent at Rs. 62.75 per share on BSE.

Other major media stocks including Zee Media was trading positive and closed at Rs. 12.51 per share, a gain of 4.86 per cent and Hathway closed at Rs. 22.85, up by 5.30 per cent on Thursday.