Zee beams up on cricket telecast bid news

DALAL STREET SPIKES

Zee Telefilms was in the limelight gaining more than 4 per cent in intra-day trades as the company emerged as the highest bidder for telecast rights of international cricket matches.

The stock in today's trading hit a high of Rs 154.70 before closing at Rs 151.70. The counter witnessed volumes of more than 16.7 lakh shares on the BSE today. Zee Telefilms today emerged as the highest bidder for telecast rights of international cricket matches to be played in India between September 2004 and August 2007, at Rs 1,200 crore.

According to reports, the company expects to make a profit of Rs 800 crore from the telecast of cricket matches during the contract period.

Sector analysts tracking the company were of opinion that the telecast rights will help the company to launch a dedicated sports channel. which the company intends to do in the second year of its operation of the telecast rights.