Broader markets rally up to 3% ahead of Fed outcome; Nifty Media jumps 13%

NSE Nifty settled the day in the red ahead of the FOMC outcome later today

11:42 AM

Zee Ent zooms 25% after Sony deal; Sun TV, TV18 Broadcast soar up to 11%

Shares of media including broadcasting & cable TV operators rallied on the bourses by up to 25 per cent after the Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL. READ MORE

11:28 AM

Zee - Sony India deal: Tech charts show up to 50% upside in Group stocks

Zee Entertainment Enterprises' (ZEEL's) shares drove the Nifty Media index over 9 per cent higher on the National Stock Exchange (NSE) on Wednesday after the company's shares soared 25 per cent to Rs 320 apiece in the intra-day deals. Investors lapped up the shares of the broadcasting giant after the Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) unanimously provided an in-principle approval for the merger between Sony Pictures Networks India & ZEEL. READ MORE

11:23 AM

What could be SEBI's board meet agenda?

- Mutual fund sponsorship norms to be scrutinised
 

- Discussions on regulations wrt to Gold Spot Exchanges possible
 

- Tweaks on superior voting rights on discussion agenda
 

- Net worth cap on superior voting rights to be changed

(Source: ET NOW) 

 

11:18 AM

Tyre stocks in focus; Balkrishna Ind at record high, Apollo Tyres jumps 5%

Shares of tyre companies were in focus in Wednesday's session, with most of the frontline stocks trading higher by up to 5 per cent on the expectation of improvement in demand. Among individual stocks, Apollo Tyres, Balrishna Industries, JK Tyre, MRF and Ceat were up between 3 per cent and 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.18 per cent at 59,111 points at 10:38 am. READ MORE

11:10 AM

ALERT :: Mphasis' arm acquires US-based Blink Interactive for $94 million

>> The acquisition is expected to provide access to marquee logos, strengthen experience business and its leadership and revenue growth accretive

11:07 AM

Should you buy ZEEL post deal with Sony?

Zee Entertainment Enterprises Ltd board gives in principle approval for merger between Zeel and Sony Pictures Network India. In the merged entity Sony will hold 53% and Zeel will hold 47% of total shareholding, so sony pictures will be holding majority stake in the merged entity. Sony Pictures will also infuse $1.57 billion (Rs 11,000 crores) into the merged company. Punit Goenka, who is managing director & chief executive officer of Zeel will continue to remain managing director & chief executive officer of the merged entity. We recommend investors to be cautious as Zee Entertainment Enterprises Ltd up by 78% from 170 to 303 in the last one month and as of now valuations are not disclosed by the Zeel.

Views by: Yash Gupta, Equity Research Analyst, Angel Broking Ltd   

10:58 AM

Indiabulls Housing Finance jumps 4% on $165 mn FCCBs issue plan

Indiabulls Housing Finance shares jumped 4 per cent to Rs 216.80 on the BSE in the intra-day trade on Wednesday buoyed by the company's fund raising plan. After successfully raising Rs 807.83 crore, it now plans to raise another $165 million. At 10:30 am, the stock quoted 3 per cent higher at Rs 214.80 on the BSE. The counter saw a combined volume of around 7.84 million shares on the BSE and NSE changing hands till the time of writing of this report. The stock has been a notable underperformer since June 7 and has declined as much as 25 per cent on the BSE. In comparison, the S&P BSE Sensex was up 12.1 per cent during the period. READ MORE

10:46 AM

Zee - Sony deal allays investor concerns; stock may get re-rated: Analysts

Markets have given a thumbs up to the Zee Entertainment - Sony Pictures India merger news with the stock of the Punit Goenka controlled firm hitting the upper circuit of 20 per cent hitting 52-week high of Rs 306.75 on the BSE. The deal, analysts say, should put to rest investor's concerns regarding corporate governance issues, and can result in significant re-rating for the stock going ahead. READ MORE

10:38 AM

BOJ keeps policy steady, offers bleaker view on exports, output

>> BOJ maintained its short-term rate of interest goal at -0.1% and that for 10-year bond yields round 0%
 

>> BOJ provided a bleaker view on exports and output, reinforcing expectations the financial institution will keep its large stimulus whilst main counterparts eye a withdrawal of crisis-mode assist
 

>> BOJ said exports and manufacturing unit output proceed to extend, though they’re partly affected by provide constraints

Source: Reuters

10:24 AM

NEWS ALERT :: Trejhara announces order win worth $3.5 million

>> Trejhara announces order win from one of the largest logistics firms, having global presence, for the delivery and implementation of the product upgrade and technology support in relation thereto. The Order, which is valued close to US$ 3.5 Million, is spread over five years covering upgrade of the existing system to the latest technology, followed by the hosting, support and maintenance thereafter for a period of five years. The system will cover customer’s Asia wide operations

10:17 AM

EXPERT TAKE :: Ashwin Patil, Sr. Research Analyst at LKP Securities on Zee-Sony deal

Due to growth capital infusion of about Rs120 bn by Sony, this would be 53% for Sony and 47% for Zee.

Zee promoters stake would stay at 4% (same as current) if they agree for non-compete agreement also they have the option to increase stake upto 20% over a period of time.

 

Sony is strong in the Hindi GEC segment (especially in non-fiction space) where Zee is weak. Zee is strong in movies (across genres) and regional GEC space. Zee has ~18% network viewership share and Sony should be ~10-12% in our view. Additionally Sony is strong in Sports as well.Thus it would be a good strategic fit from broadcast, digital and content perspective"

 

Expect Zee to get significantly re-rated. It currently trades at ~23x/19x FY22/FY23 earnings

10:08 AM

ALERT :: Ramkrishan Forgings bags order worth Rs 650 million

>> Ramkrishna Forgings Limited has won a non-auto segment order worth INR 650 million for supply of mining and earthmoving components from an Indian arm of Hitachi. This order will be supplied in FY22 and FY23

10:08 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

A bullish market will witness  short coverings causing sudden sharp upturns. There  are reasons to believe that this happened yesterday when shorts created in anticipation of negative fallout from the Evergrande crisis were forced to cover. The sharp surge in Nifty by 235 points from lows yesterday is indicative of this. Even though the jury is still out on the final outcome  of the woes of the Chinese realty major, the possibility is that the issue will be confined to China with no contagion on global markets. Today the market is likely to focus on the Fed message which is likely to give a timeline for taper. It is unlikely to be a market moving message since markets have already discounted taper. 

10:02 AM

Nucleus Software surges 16% as Board to consider share buyback plan

Shares of Nucleus Software Exports surged 16 per cent to Rs 612 on the BSE in Wednesday’s intra-day trade after the company said its board will meet on Friday, 24 September, 2021 to consider a proposal for share buyback. The stock of information technology (IT) software products company had hit a 52-week high of Rs 765.35 on 02 July, 2021. READ MORE

9:59 AM

NEWS ALERT :: China gives liquidity boost worth $19 billion

>> China's central bank boosted its gross injection of short-term cash into the financial system after concern over a debt crisis at China Evergrande Group roiled global markets. 

 

>> The People's Bank of China pumped 120 billion yuan ($18.6 billion) into the banking system through reverse repurchase agreements, resulting in a net injection of 90 billion yuan. 

 

Source: Bloomberg