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It’s about movies and a little known startup. Zee Entertainment’s success during the time of its erstwhile founder-chairman Subhash Chandra was centred around the company’s television business – a generator of steady stream of subscription and advertisement revenues. During the quarter gone by, both the subscription and advertisement sales showed sharper-than-expected revenues as the re-opening of the economy helped business prospects. Yet, for some time now, the company has stated that its future lies in a different path. Zee’s biggest bet towards becoming a company of the 21st century is its over-the-top platform ZEE5, which has continued to bleed cash as it struggles to cope with user conversion at a rate that peers at Netflix, Hotstar and Amazon’s Prime Video have done so far. ....
Godfrey Phillips India climbed 1-3 per cent. “There is nothing on ITC till now. We had highlighted the low probability of any (tax) hike. Stock could re-rate in the near term as stock had corrected in the past two weeks,” said Avneesh Roy, lead analyst with Edelweiss Securities. Heading into the Budget, some market participants had expected the government to raise taxes on cigarettes in order to boost its revenues by means of a Covid-19 cess or an increase in the National Calamity Contingency Fund. It is no surprise that the stock had remained weak in January ahead of the Budget announcement, after staging a 26 per cent rally in November and December. Traders had sharply increased their short positions in the February futures contract of ITC, suggesting that they fear a tax hike would come in the Budget. ....