MUMBAI: Media stocks climbed steeply on Thursday, with companies involved in FM radio broadcasting the biggest advancers.

The government today allowed the FM radio sector to migrate to the revenue sharing model while opening up foreign direct investments (FDI) to 20 per cent, triggering an interest in media companies that were into such ventures.

Mid-day Multimedia was the top gainer, moving up 14.21 per cent from an opening of Rs 63.70 to close the day at Rs 72.75. The company has interests in a tabloid and runs a private FM station in Mumbai Go 92.5 FM.

TV Today Network jumped 9.43 per cent during the day, closing at Rs 81.85. The Group company operates FM stations in Mumbai and Delhi under the brand name Red FM.

Adlabs Films hit the 20 per cent circuit breaker, fuelled by the news that Reliance Capital group company was acquiring 51 per cent controlling stake for Rs 3.5 billion. The scrip opened at Rs 200 and closed at Rs 240.60.

NDTV Ltd gained 6.77 per cent to close at Rs 227.10 while TV18 saw a 2.34 per cent rise to Rs 316.80. Zee Telefilms witnessed a weak rally, rising 1.50 per cent to close at Rs 155.60. Balaji Telefilms rose 3.81 per cent to Rs 107.50 while K Sera Sera went up 1.63 per cent to Rs 84.30.