Reliance gains on Disney India merger; Zee, Sun TV volatile

Sun TV Network

29/02/2024 04:30

** Reliance Industries  RELI.NS  up 1%, top gainer on
blue-chip Nifty 50  .NSEI , which is flat
    ** Reliance and Disney  DIS.N  merge their Indian TV,
streaming assets, creating an $8.5 bln entertainment juggernaut
    ** However, RELI gains come after stock dropped 2% on Weds
amid a broader market pullback
    ** Rivals Zee Entertainment  ZEE.NS  and Sun TV Network
 SUTV.NS  fell over 2% on the day before pulling back
    ** Reliance-controlled Network 18  NEFI.NS  and TV 18
 TVEB.NS  down nearly 5% each
    ** RELI has surged 30% since late Oct, on first media
reports of possible deal; Nifty has gained 14% in same period
    ** In that time, Sun TV has lost 3.5% while Zee has slumped
35%, with most losses coming after collapse of merger with Sony
India in late Jan

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))