Shares of the Subhash Chandra-promoted Zee Telefilms jumped 4.1 per cent to Rs 136.85 today against yesterday's close of Rs 131.45, despite the media major's announcement to rope in a strategic partner.
Media analysts and fund managers, who have been unimpressed by Zee's recent performance, said the announcement would not bring much cheer unless Chandra managed to rope in "an international biggie" with enough financial power and quality content to take on rivals such as Sony and Star India.
Analysts also remained skeptical on the quantum of stake to be offered to the partner and the manner in which the stake would be offered.
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"Zee will benefit only if the partner offers the much-needed professional expertise and corporate governance. If it is a very small stake that is offered by Zee and if the partner does not have much say in the management, the inclusion would make no difference," analysts said today.
They also seem to be unanimous in the view that Zee Telefilms move to induct a strategic partner will not have a positive impact unless a major international media player is roped in.
"Zee has been getting a lot of flak on several issues off late. This announcement has come at the right time. The upward price movement is just the initial euphoria created by the announcement," said an analyst.
They added that the share price movement had been aided by the fact that recently the broadcasting company has launched several new programmes and been able to climb to the second position and general entertainment channel category, displacing Sony Entertainment Television. Star continues to dominate in the first place.