Ideally, you should avoid both these stocks till there is clarity on the pledged shares front. Fourth quarter net profits at Zee Entertainment were up by27% at Rs.292 crore while the total income for the quarter was up by 14% at Rs.2076 crore. This growth, in fact, comes in the background of the TRAI tariff order which had been a challenge for most of the broadcasting and DTH companies. In fact, Zee saw a growth in subscription by 4% and a 16% growth in advertising revenues for the quarter. However, the bigger concern on Zee at this point is the issue of pledge shares of the company against issue of bonds by the group company Edison Power. That has led to the delay in redemption by a number of FMPs and that has soured sentiments on the stock. Also, the company needs to be able to sell promoter stake in the company and bring in a partner if it has to be able to service the huge mountain of loans on its books. You should be cautious about buying the stock at this point of time.

Regarding your second part of the question on Dish TV, the company posted a huge net loss of Rs.1316 crore for the fourth quarter compared to a profit of Rs.119 crore in the previous year fourth quarter. Even its total revenues from operations were lower by 15% at less than Rs.1400 crore for the fourth quarter. The numbers for the quarter include the business of Videocon DTH and hence may not be apples to apples. However, the company is expecting to do much better in the coming quarters on the back of elections euphoria and the ICC Cricket World Cup. Dish also faced problems due to the TRAI order. The bigger concern for Dish, as in the case of its parent Zee, may be the pledged shares with the NBFCs and mutual funds.