Nifty Media index today was up over 11.4 per cent in the intraday trade after a deal between Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Network India (SPNI) was announced. The impact of the ZEEL-Sony MEGA Merger Impact was visible as the 10-share index immediately after the markets opened today. All 10 stocks were trading in the green on Wednesday around 1:40 pm.

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Nifty Media was trading at 2,164.90 which was also it's intraday high and 52-week high around this time.

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Board of ZEEL principally approves the merger between ZEEL and Sony Pictures Networks India

Similarly, Dish TV, a DTH (direct-to-home) subsidiary of ZEEL, also soared over 10 per cent to touch a day’s high level of Rs 21.54 per share on the BSE intraday trade today.

TV18 Broadcast gained 11 per cent to Rs 40.40 apiece, Network18 Media & Investments jumped over 9 per cent to Rs 55.80 per share, Hathway Cable & Datacom also gained almost 8 per cent at Rs 25.70 per share and Sun TV Network up 7 per cent at Rs 519.30 per share on the BSE in intraday trade on Wednesday.

Also Read: ZEEL-Sony MEGA Merger Deal: Punit Goenka to continue as MD and CEO of merged entity

Similarly, New Delhi Television (NDTV) shares were locked at an upper circuit of 10 per cent and touched a new life high of Rs 96.35 per share on the BSE intraday trade today. The surge in NDTV is mainly due to the clarification of the company on the rumours of Adani's buyout of the company.

In a statement, ZEEL said its board has evaluated the merger not only on financial parameters, but also on the strategic value which Sony brings to the table. The board concluded that the merger will be in the best interest of all the shareholders & stakeholders. 

Also Read: Top reasons - Why ZEEL-Sony Pictures mega merger is extremely profitable for shareholders, stakeholders

“The merger is in line with ZEEL's strategy of achieving higher growth and profitability as a leading media & entertainment company across South Asia. The board has authorised the management of ZEEL to initiate the required due diligence process”, the company also said in the statement.