Zee Telefilms beams up with cricket telecast bid

DALAL STREET SPIKES

Zee Telefilms was back in the reckoning due to a strong buying support after the company emerged the biggest bidder for telecast right of international cricket matches played in India.

The stock gained 4.54 per cent on the BSE with more than 11.7 lakh shares changing hands at this counter on the BSE. The stock was equally active on the NSE.

According to the announcement, the company emerged the biggest bidder for telecast rights of international cricket matches involving India. This include 12 Tests and 48 one-dayers to be played in India between September 2004 and August 2007, at Rs 1,200 crore. The company plans to launch an exclusive sports channel next year using the exclusive telecast rights as the launch pad.

The counter also gained from the overall bullish trend in the market where the BSE Sensex gained 85 points after yesterday's sharp correction.