Radaan Mediaworks in Upward trend

While the changing fortunes of Sun TV Network and Raj TV Network have been grabbing all media attention, an entertainment stock — Radaan Mediaworks — jumped nearly 20% today, as investors expect the competition between the two rival Tamil television networks would help the content company promoted by actress Radhika. Radaan Mediaworks closed at Rs 8.26 a share at the BSE on Wednesday, jumping 19.88% to hit a 52-week high. Meanwhile, Raj TV shares closed 9.98% higher at Rs 317.1 a share, and Sun TV shares hovered around the same levels as on Tuesday, rising marginally to Rs 1363.8 a share.

Raj TV’s shares have been rising ever since Mr Dayanidhi Maran (brother of Sun TV CEO Kalanithi Maran) was forced to resign from the union cabinet, as a result of the rift between the Maran brothers and DMK chief M Karunanidhi’s immediate family members. Raj TV’s shares continued to rise, as investors felt the political patronage that Sun TV had recieved would shift to Raj TV. Raj TV has announced a new channel, named Kalaignar, which means artist, but more widely associated with DMK chief, who is referred to as Kalignar. On Wednesday, there were rumours that the income tax department has sent scrutiny notices to Sun TV. I-T officials flatly denied it, while a source said a routine scrutiny notice was indeed sent to Mr Hansraj Saxena, Sun TV’s VP.