Radio FM sings rockin' tune

Yesterday, the Govt invited the second batch of applications or issued a notice inviting applications (NIA) for auction of 266 private FM radio frequencies – of this 227 will be auctioned in 69 new cities and 39 in 23 existing ones. Those winning the 36 channels up for sale in 14 cities of Jammu and Kashmir and North east states will get special incentives.

There is already a bevy of activity in the FM radio segment.  HT Media’s Fever 104 is launching in July two new stations – one in Hyderabad and one in Lucknow. Entertainment Network (India) or ENIL which owns Radio Mirchi 98.3 FM, a part of the Times group, started its new station in Hyderabad couple of days ago.

This new NIA has set the FM radio stocks fluttering with ENIL posting the biggest gains in the sector – up 6% intra day at Rs.765. HT Media is at its intra day high of Rs.79.05, up 1.5%. DB Corp is up 2%.