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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence POLITICAL ECONOMY | PART 1: THE TELECOM TEST The Sangh’s Costliest Blunder: Keeping Narendra Modi in the Chair After Demonetisation and a Trail of U-Turns Two private giants, one state-propped survivor, roughly ₹3.22 lakh crore in announced BSNL revival and support packages (spectrum allocation included), and ₹1.41 lakh crore of AGR dues still on the books: telecom shows what happens when one man’s brand becomes the party’s only policy. This is an argument against Narendra Modi, not against the BJP. SYNOPSIS India’s telecom market has narrowed from a messy but real plurality into two dominant private networks, one weak private survivor kept alive by government equity, and a public operator that has needed about ₹3.22 lakh crore in announced support packages and spectrum allocations, not all of it cash. The 2010 spectrum auctions that started the debt spiral were a UPA-era event, and we say so plainly. But a ...
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Media and Entertainment Funds do well in the last 3 months
 MUMBAI: Sector funds dedicated to media and entertainment sectors have done extremely well in three months ended 24 thDecember 2012. While the broad market represented by S&P CNX Nifty delivered 2.75% returns, Reliance Media & Entertainment Fund and Sundaram Entertainment Opportunities Fund gave 22.94% and 21.82% respectively in three months.
Mandatory digitization announcement by the government in metro cities by October 31 has pushed up the investor sentiment in the entertainment and media stocks. Investors expect rest of the country to go for mandatory digitization by March 2014. This should bring in transparency in the number of subscribers and the revenues generated through distribution of content.
Content providers - media and entertainment companies - too are expected to benefit in medium term as subscriber revenues go up, say analysts. "Improving sentiment in the Indian economy should boost the advertising revenues in next year," says Abhishek Jain, head of research, JHP Securities. However he further points out that many stocks in the media and entertainment space have run up sharply and are quoting at high valuations. In the short term there is limited upside in this sector.
Though these sector funds have done well, it is better to be prudent and allocate a small component of your money to them, if you understand the risks associated with a sector fund. Also invest with a minimum one to two year view. Reliance Media & Entertainment Fund has Rs 61.8 cr in assets and Sundaram Entertainment Opportunities Fund manages Rs 33.14 cr in assets.

Courtesy: Economic Times

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