Media stocks up 4.4% on FDI hike buzz

Shares of media companies rose by up to 4.4 <g data-gr-id="31">per cent</g> today following reports that the government is discussing a proposal for increasing FDI limit in the sector to 49 <g data-gr-id="32">per cent</g> from the current 26 <g data-gr-id="33">per cent</g>. 

New Delhi Television Ltd surged 4.38 <g data-gr-id="21">per cent</g>, Network 18 Media gained 3.52 <g data-gr-id="22">per <g data-gr-id="28">cent</g></g><g data-gr-id="28">,</g> while TV Today Network was up 2.99 per cent on the BSE.

Similarly, HT Media climbed 2.86 per cent and D B Corp rose by 0.85 per cent.

The government is discussing a proposal for increasing FDI limit in the media sector from the current 26 per cent to attract foreign investments, sources said on Thursday.

An inter-ministerial panel is discussing the issue, according to sources, adding that the government may look at hiking the cap to 49 <g data-gr-id="17">per cent</g>.

A proposal regarding this was recently discussed in the Information and Broadcasting Ministry.

FDI is allowed only up to 26 per cent in publishing of newspapers and periodicals dealing with news and current affairs through government approval route.