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Media & Entertainment Stocks Surge; Saregama, Tips Films Rally Up to 20%

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Shares of media and entertainment (M&E) companies surged in Wednesday’s intraday trade, with several stocks rallying up to 20%. Companies such as Saregama India, Tips Films, Mukta Arts, Pritish Nandy Communications, and Zee Entertainment Enterprises saw significant gains, supported by strong volumes in an otherwise range-bound market. Among the top performers, Saregama India hit a record high of Rs 622 per share, marking a 17% rally. The stock has soared 80% since April 2024, reflecting strong investor confidence in its evolving business model, which focuses on digital monetization through over-the-top (OTT) platforms and licensing income. Analysts expect the company’s profitability to remain robust due to increasing digital content consumption. Tips Films also hit the upper circuit, gaining 20% and closing at Rs 658. The company, known for producing and distributing films and web series, has projected an ambitious growth path. In its FY24 annual report, Tips Films emphasized its plan to produce 5 to 6 films per year, signaling strong prospects for content demand. Subhash Ghai’s Mukta Arts also saw a 20% rally, reaching Rs 97.09 after the company announced a new agreement with Zee Entertainment Enterprises for the satellite and media rights of 37 films, effective from 2027. Although the transaction value was not disclosed, the deal was reportedly 25% more lucrative than previous agreements. The media sector, as a whole, is experiencing strong growth, with the Indian M&E industry projected to reach Rs 23,800 crore by 2026. Analysts point to growing demand for Hindi films and digital content, alongside expanding revenue from tier-II and III cities and international markets. Shares of Pritish Nandy Communications also hit a 52-week high, locked at a 20% upper circuit at Rs 79.16, driven by the company’s successful ventures in film and digital series production. As per the FICCI-E&Y Report, the M&E sector is expected to grow by 10% annually, reaching Rs 3.08 trillion by 2026, with digital media leading the charge in content consumption. Source: Business Standard

Bangladesh Faces Potential ICC Sanctions for Slow Over Rate in India Test

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Bangladesh, after a strong start against India in the first Test in Chennai, could face sanctions from the International Cricket Council (ICC) for failing to meet the required over rate. Despite reducing India to 34 for 3 and 144 for 6, a brilliant partnership between Ravichandran Ashwin (102*) and Ravindra Jadeja (86*) helped the hosts recover to 339 for 6 by the end of Day 1. However, Bangladesh’s woes extended beyond their faltering grip on the game, as the team was 10 overs short of their target, despite being granted an additional half-hour to complete their quota. This shortfall could result in ICC penalties under Article 16.11.2 of the World Test Championship (WTC) playing conditions, which mandates the deduction of one WTC competition point for each penalty over a team incurs. This isn’t the first time Bangladesh has faced such issues. Last month, they were docked three WTC points and fined 15% of their match fee for being three overs short in their Test match against Pakistan. The repeat offense could see harsher penalties from the ICC. Cricket commentator Harsha Bhogle expressed his disappointment, stating, “It has to be unacceptable,” referencing Bangladesh’s failure to complete even 80 overs despite the time extension. Bangladesh bowled 23 overs in the first session, 25 in the second, and 32 in the final session. As Bangladesh looks to recover in the Test match, the looming threat of sanctions adds to the pressure on the team, which could see crucial WTC points slip away due to slow over rates. Source: NDTV

Zee Entertainment Shareholders Approve Plan to Raise ₹2,000 Crore

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Zee Entertainment Enterprises Ltd. (ZEEL) shareholders have approved a plan to raise ₹2,000 crore through various financial routes, including equity shares and qualified institutions placements (QIPs). The special resolution, which allows the company to issue securities for an amount not exceeding ₹2,000 crore, was passed with 78.83% of the total votes, according to a scrutinizer’s report filed by Zee. The remote e-voting process for the special resolution began on Sunday and concluded on Monday, July 15, 2024, at 5 pm. ZEEL plans to raise the funds in one or more tranches through methods such as private placements, qualified institutional placements, preferential issues, or a combination of these options. While the company has not yet disclosed specific plans for the raised amount, industry experts expect it will be partially allocated toward business expansion. This fundraising comes after the termination of a merger agreement between Sony Corporation and ZEEL to combine their entertainment businesses in India. Following the deal’s termination, ZEEL announced a strategic realignment of its revenue verticals under the direct guidance of its MD and CEO. Karan Taurani, SVP at Elara Capital, commented on the development, stating, “This move could improve investor confidence, depending on the quality of the investors involved.” He added, however, that further clarity is needed on the fund’s potential utilization and the exact method through which it will be raised. Source: Business Standard

Vir Das becomes first Indian to host International Emmy Awards

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Indian stand-up comedian and actor Vir Das has made history by being announced as the host for the 2024 International Emmy Awards, becoming the first Indian to take on this prestigious role. The announcement was made by the International Academy of Television Arts & Sciences on September 11, 2024. The ceremony is set to take place on November 25 in New York City, where Das will showcase his unique humor and perspective to a global audience. Vir Das expressed his excitement on social media, stating, “Thanks to your support, an Indian Emmy Host! I can’t wait to host the @iemmys this year! Crazy. Thank you for having me. Tremendously honoured and excited!” His fans and fellow celebrities have congratulated him, including notable figures like Hrithik Roshan and Dia Mirza, who praised his achievement. Das is no stranger to the Emmy stage; he was nominated in 2021 for his special “Vir Das: For India” and won the International Emmy Award for Comedy in 2023 for his Netflix special “Landing.” His career spans various platforms, including television and film, where he has created and starred in series like “Whiskey Cavalier,” “Hasmukh,” and “Jestination Unknown.” Currently, he is on his international “Mind Fool” tour and has recently appeared in Prime Video’s “Call Me Bae. “Bruce L. Paisner, president and CEO of the International Academy, stated, “We’re delighted to welcome back Vir Das to our stage and to add International Emmy Host to his impressive list of talents.” This historic hosting role highlights Das’s rising prominence in the global entertainment industry and his contributions to comedy and storytelling. Source: Hindustan Times

Makers of Kangana Ranaut’s ‘Emergency’ Approach Bombay High Court Seeking Film Release

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The makers of Kangana Ranaut’s film Emergency have approached the Bombay High Court, seeking its release and a censor certificate. Co-produced by Zee Entertainment Enterprises, the petition was filed on Wednesday, accusing the Central Board of Film Certification (CBFC) of arbitrarily withholding the censor certificate. According to the plea, the CBFC is allegedly ready with the certificate but has refrained from issuing it. The plea was mentioned before a division bench of Justices B.P. Colabawalla and Firdosh Pooniwalla, who agreed to hear the case later in the day. Originally slated for release on September 6, the film’s launch was postponed indefinitely following objections from Sikh organizations, including the Shiromani Akali Dal. The groups accused the movie of misrepresenting the community and distorting historical facts, sparking controversy around its content. Directed and co-produced by Kangana Ranaut, who also plays the lead role of former Prime Minister Indira Gandhi, the biographical drama has faced significant backlash. Ranaut, a BJP MP from Mandi, Himachal Pradesh, expressed disappointment over the delay, accusing authorities of imposing an “Emergency” on her movie. Reacting to the postponement, Ranaut stated, “It’s a very hopeless state. I’m quite disappointed by our country and the circumstances.” She argued that the events depicted in her film are not new, referencing other films like Madhur Bhandarkar’s Indu Sarkar and Meghna Gulzar’s Sam Bahadur, which portrayed similar historical episodes. Determined to release her film uncut, Ranaut vowed to fight the legal battle, stating, “I’ve made this film with a lot of self-respect, which is why the CBFC can’t point out any contention… I’ll fight in court and release an uncut version.” Source: Hindustan Times

Zomato Completes Acquisition of Paytm’s Entertainment and Ticketing Business

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Zomato has successfully completed the acquisition of Paytm subsidiaries Wasteland Entertainment Pvt Ltd (WEPL) and Orbgen Technologies Pvt Limited (OTPL) for ₹2,048 crores, marking its entry into the entertainment ticketing business. This strategic move aims to expand Zomato’s reach beyond food delivery into the entertainment sector. The acquisition, finalized on August 21, was confirmed through official filings by both companies. The deal, valued on a cash-free, debt-free basis, highlights the value Paytm has created in the entertainment ticketing space, with its platforms TicketNew and Insider offering convenience to millions of users. As part of the agreement, Zomato will acquire a 100 percent stake in WEPL and OTPL, bringing approximately 280 employees from Paytm’s entertainment ticketing division under its wing. During a 12-month transition period, movie and event tickets will continue to be available on the Paytm app and the TicketNew and Insider platforms, ensuring uninterrupted service for users. Paytm, which had invested ₹268 crores to acquire TicketNew and Insider between 2017 and 2018, plans to refocus on its core payments and financial services business. Despite this divestment, the entertainment ticketing segment remains an important milestone in Paytm’s journey. Following the announcement, Zomato’s stock opened in green at ₹256.20, reflecting investor confidence in the company’s expanded business strategy. Over the past six months, Zomato has delivered a 60 percent return to its shareholders, underscoring the market’s positive outlook on the company’s growth prospects. Source: Hindustan Times

Mukesh Ambani: Disney Deal Ushers in New Era for India’s Entertainment Industry

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Reliance Industries Chairman Mukesh Ambani hailed the merger of media assets between Reliance and Walt Disney as a transformative moment for India’s entertainment sector. Speaking at the Reliance AGM, Ambani emphasized that the partnership marks the start of a new era by blending content creation with digital streaming, much like Reliance’s success with Jio and Retail. The deal, approved by the Competition Commission of India (CCI), combines Reliance’s media holdings, including TV18 and the Colors brand, with Disney’s assets, creating India’s largest media empire valued at over Rs 70,000 crore. The joint venture will house two major OTT platforms, Disney Hotstar and Jio Cinema, along with 120 television channels. Ambani highlighted that the combined media business would be a crucial growth center for the Reliance ecosystem, promising to deliver world-class digital entertainment to cater to diverse consumer tastes at affordable prices. “Our digital-first approach will deliver unparalleled content,” he added, underlining the potential of this venture to redefine India’s media landscape. The merger will see Reliance and its affiliates hold a 63.16% stake in the combined entity, while Disney will hold the remaining 36.84%. Reliance has committed to investing nearly Rs 11,500 crore into the venture to enhance its competitive edge against rivals like Sony and Netflix. Nita Ambani, wife of Mukesh Ambani, will chair the new joint venture, with Uday Shankar serving as Vice Chairperson. The CCI’s clearance of the merger followed adjustments proposed by both parties to the original transaction structure. Source: Business Standard

Air India Launches Wireless Inflight Entertainment Service ‘Vista’

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Air India has launched a new wireless inflight entertainment service, ‘Vista,’ for passengers on its wide-body aircraft as part of efforts to enhance the onboard experience until the completion of a fleet retrofit. This move comes in response to customer complaints about non-functional inflight entertainment systems on certain flights operated by the Tata Group-owned airline. The ‘Vista’ service is currently available on the existing wide-body fleet and will soon be extended to narrow-body planes. However, the service is not yet available on the newly-inducted B777 and A350 aircraft, according to an official release. With Vista, passengers can enjoy uninterrupted entertainment on their personal electronic devices. The system offers access to movies, TV shows, and music, along with a live map display for real-time flight tracking. The introduction of Vista aims to fill the entertainment gap while the airline’s older aircraft undergo retrofitting and the induction of new planes continues. Air India’s new wide-body planes feature advanced inflight entertainment systems, and the carrier’s operational fleet now consists of 140 aircraft. As the airline continues its modernization journey, the introduction of Vista is a step towards addressing customer concerns and ensuring a seamless inflight experience. Source: Business Standard  

Allu Arjun’s Old Comment on Hrithik Roshan and Prabhas Resurfaces Amid Arshad Warsi’s Remarks

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A throwback video of Allu Arjun comparing Prabhas with Hrithik Roshan has gone viral, rekindling discussions on social media. In the clip, Allu Arjun, quoting SS Rajamouli, humorously mentions that “Hrithik Roshan is nothing in front of Prabhas,” while praising Prabhas as “number one.” This resurfaced video has sparked chatter online, especially in the context of recent comments made by Arshad Warsi about Prabhas in Kalki 2898 AD. In the viral clip, Allu Arjun lauds Prabhas for his impressive action sequences, echoing Rajamouli’s statement. The video shows Prabhas smiling at the remark, while Hrithik Roshan’s fans took the comment as a lighthearted compliment, acknowledging Hrithik as a “benchmark to beat.” Redditors were quick to react, with many noting that the remark was likely made in a playful manner to hype Prabhas. One user commented, “They are using Hrithik as a bar, which is actually a huge compliment.” Others noted that such comparisons are common in India as a way to elevate someone’s stature. Another comment read, “Hrithik remains a standard across the industry from North to South.” This renewed discussion comes after Arshad Warsi recently made headlines by calling Prabhas’ appearance in Kalki 2898 AD reminiscent of a “joker.” Warsi was sharing his thoughts on recent films, expressing that while he admired Amitabh Bachchan’s performance in the movie, he wasn’t impressed with Prabhas’ look, suggesting it could have been more impactful. This ongoing debate highlights how Hrithik Roshan continues to be regarded as a yardstick for comparisons in Indian cinema, while stars like Prabhas carve their own path with the support of fans and industry insiders alike. Source: News 18

Stree 2 Box Office Report: Is It Bollywood’s Biggest Opener Ever? Maddock Films Claims ₹76 Crore Haul

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Rajkummar Rao and Shraddha Kapoor’s much-anticipated horror-comedy Stree 2 made waves at the box office, setting a new benchmark. Directed by Amar Kaushik, the sequel to the 2018 hit Stree was released on Independence Day, following paid previews the day before. The film is the fifth installment in the Maddock Supernatural Universe, also featuring Pankaj Tripathi, Abhishek Banerjee, and Aparshakti Khurana. Stree 2 created significant buzz before its release, leading to what the producers, Maddock Films, claim to be the biggest opening ever for a Hindi film. According to them, the film grossed ₹76.5 crore in India on its first day, including the revenue from paid previews. Maddock Films took to X (formerly Twitter) to announce the milestone, stating, “Stree 2 creates HISTORY! India’s highest Day 1 Box Office ever! Thank you, audience, for all the love.” They also shared a poster featuring the film’s cast with the caption, “India’s highest day 1 box office ever!” The strong pre-release anticipation and positive reception have positioned Stree 2 as a potential blockbuster, signaling another success for the Maddock Supernatural Universe. Source: Hindustan Times