Momentumisers: Solar Industries in focus, here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Among the long list of stocks which are making new life-time highs, Solar Industries is definitely on the radar. The stock was up as much as 10 percent yesterday, and its intraday volumes were well over three months. In fact, over the last three months, the stock has advanced by as much as 23 percent and this is backed by volumes as well.

If you consider the five-day average volumes, that is up as much as 136 percent as compared to the one-month volumes.

Similarly, deliverable volumes are also nearly double of the one-month volumes when it comes to the five-day averages.

As far as supports are concerned, at this point in time, considering we have seen a sharp upmove, you could consider yesterday’s low as the immediate support that would be at around Rs 1,822. If you consider the 20-day moving average (DMA), that would be around Rs 1,764.

The reasons behind gains in Solar Industries – expectations of further pickup in demand for explosives, as well as good traction in the domestic, export markets, and that is the reason why it is on the radar today.

Also Read: USA’s ambitious solar energy road map

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ZEEL shares locked in 10% upper circuit; key investors buying stake triggers further gains

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Zee Entertainment Enterprises Ltd (ZEEL) were locked in their 10 percent upper circuit limit at Rs 287.65 on Wednesday after ace investor Rakesh Jhunjhunwala and foreign portfolio investor BofA Securities bought stake in the company on Tuesday when the stock had soared about 45 percent intraday.

Rakesh Jhunjhunwala’s Rare Enterprises bought 50 lakh shares of the media company at Rs 220.4 through a bulk deal on the NSE. Separately, BofA Securities Europe SA also bought 48.6 lakh shares of the company at Rs 236.

Investors looked at key investors buying the stake in ZEEL as a big positive which triggered further gains in the stock.

Also Read |  Zee shares soar 45% as management rejig seen as positive

As of June end, foreign portfolio investor Bofa Securities Europe Sa – Odi owned a one percent stake in the company.

The media company’s stock had skyrocketed on Tuesday after top investors of ZEEL called a shareholder meeting for a management reshuffle.

Dolat Capital Market had repeatedly highlighted that potential change in management, improvement in cash flows and traction in digital business are key re-rating triggers.

Also Read |  Zee Entertainment shares soar 40%: Where is the stock headed? Experts weigh in

With one of the key triggers being activated, the brokerage firm has upgraded its rating on ZEEL’s stock to ‘buy’ from ‘reduce’ and hiked its target price to Rs 328 from Rs 204. Dolat Capital believes the stock is currently trading at an attractive valuation.

The stock has been gaining for the last four days and has generated 62 percent returns in the period. The scrip also hit a 52-week high on Wednesday at Rs 287.65.

ZEEL may attract more investors if the concerns raised by Invesco get addressed, says Abneesh Roy of Edelweiss Securities. Speaking to CNBC-TV18, Roy said that Zee5 will be a big value generator in long term for the company.

If concerns get addressed and Zee5 picks up, then Zee’s shares can trade at 20-25 times, Roy said. He sees Zee5 contributing positively to SOTP value of Zee in future.

However, Roy thinks Zee shares going back to Rs 600 apiece currently looks difficult as volatility continues, while valuation re-rating will happen and share will go beyond the target price of Rs 343. He expects 100 bps improvement in market share for Zee next quarter onwards, with FMCG segment continuing to do well w.r.t advertising spends.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Working with assumption that US Fed tapering won’t affect economy: Bank Julius Baer & Co

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“We are definitely paying a lot of attention to the impending taper,” said Mark Matthews of Bank Julius Baer & Co, in an interview with CNBC-TV18.

“We want to know more about that and we are trying to figure it out because FAANG stocks distort the market. They are such a big asset class on their own and they have such strong cashflow that they don’t give you a good picture of the economy,” he said.

Also Read: TVS best bet in two-wheeler segment; bullish on Ashok Leyland, M&M, Maruti: Nirmal Bang Institutional

Matthews further said that he is working with the assumption that US Fed tapering will not affect the economy. “What we are trying to figure out is if the economy is strong enough to remain vibrant without quantitative easing (QE). Right now, we are working on the assumption that it is,” he said.

According to him, if there is a risk in the market, it is the risk that tapering turns out to be a policy mistake.

Also Read: Rakesh Jhunjhunwala-backed Rare Enterprises buys stake in Zee Entertainment

He explained, “Just like a patient that is being weaned off drugs, we don’t know if the market is healthy enough, if its own ecosystem is healthy enough to stand without crutches, without the drugs. There could be a policy mistake because the conditions have been so loose for so long. I do think that this is the substantial thing for markets.”

Historically, tax hikes are not a very big deal for the stock market, he noted.

Also Read: Nifty50 at 20,000 a real possibility in coming quarters: All Star Charts

“Having said that, some kind of tipping point was reached and I cannot put a precise date on it but I do think that the market will have to become more accustomed to the idea that wealth is going to be distributed to the society more than in the past,” Matthews shared.

For the full interview, watch the accompanying video.

Catch all live market action here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JEE-Main result 2021: 44 candidates score 100 percentile, 18 share top rank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A total of 44 candidates have scored 100 percentile in the engineering entrance exam Joint Entrance Exam (JEE)-Main this year while 18 candidates have shared the top rank, Ministry of Education (MoE) officials said on Tuesday midnight.

The first rank holders included Gaurab Das (Karnataka), Vaibhav Vishal (Bihar), Duggineni Venkata Paneesh (Andhra Pradesh), Siddhant Mukherjee, Anshul Verma and Mridul Agarwal (Rajasthan), Ruchir Bansal and Kavya Chopra (Delhi), Amaiya Singhal and Pal Agarwal (Uttar Pradesh), Komma Sharanya and Joysula Venkata Aditya (Telangana), Pasala Veera Siva, Karnam Lokesh and Kanchanapalli Rahul Naidu, (Andhra Pradesh), Pulkit Goyal (Punjab) and Guramrit Singh (Chandigarh).

Starting this year, JEE-Main was conducted four times a year to offer flexibility to students and a chance to improve their scores. The first phase was held in February and the second in March. The next phases were scheduled for April and May but those were postponed in view of the second wave of the COVID-19 pandemic that raged through the country affecting lakhs.

Also read | How to register for JEE Advanced

The third edition was held from July 20-25 while the fourth edition was conducted from August 26 to September 2. The ranks of the candidates have been released taking into consideration the best of the four NTA scores in accordance with the policy already made.

The examination was conducted in 13 languages — English, Hindi, Gujarati, Assamese, Bengali, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, Telugu and Urdu. Over 9.34 lakh candidates appeared in four editions of JEE-Main.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Opening Bell: Sensex, Nifty open flat with positive bias; ZEE Entertainment in focus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian equity benchmark indices opened flat with a positive bias on Wednesday following choppy trading in Asian markets. The shares remained on edge in the market as weak Chinese economic data reinforced worries about slowing growth globally amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus.

At 9:15 am, the Sensex opened 0.18 percent or 107 points higher at 58,354. Nifty50 index opened marginally higher at 17,387 — up 7.65 points or 0.08 percent. Broader markets outperformed the frontliners as the midcap and small-cap indices opened higher.

Bluechips leading the gains on the Nifty50 index were ONGC, Shree Cement, Titan, Hero MotorCorp, HDFC Life. Each scrip gained over 1-2 percent. Leading the losses were BPCL, Axis Bank, IndusInd Bank, HDFC Bank, and Tech Mahindra.

Among sectors, buying was seen in auto, media, FMCG, IT and pharma indices, while private banks and financial services traded lower.

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Globally, Asian shares fell on Wednesday as MCSI’s broadest index of Asia-Pacific shares sans Japan slipped nearly 1 percent. Meanwhile, Tokyo’s Nikkei also slumped nearly a percent, moving off a more than 31-year closing-high the day before.

Markets also remained focused on the timeline for tapering the Federal Reserve’s massive pandemic-led stimulus. Overnight on Wall Street, worries about slowing growth saw the Dow Jones Industrial Average lose, while the S&P 500 and the Nasdaq Composite were down nearly half a percent.

Over in commodities, US crude oil prices gained on a larger than expected drawdown in crude oil stocks in the United States. Both the benchmarks rose half a percent with US Crude at $70.82 and Brent crude at $73.94 per barrel.

And spot gold was trading at $1802.0374 per ounce off 0.12 percent, having reached a one week peak of $1,808.50 on the prospects for lower interest rates.

(With inputs from Reuters)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rains lash Rajkot, Jamnagar, Junagadh districts of Gujarat; CM visits flood-hit areas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Heavy rains in Rajkot and Jamnagar districts of Gujarat have led to the evacuation of over 7,000 people, officials said on Tuesday evening. Rains also lashed Junagadh district during the day, they said. Newly sworn-in Chief Minister Bhupendra Patel on Tuesday visited rain-hit parts of Jamnagar city and district and assured help to those affected by the floods.

Earlier in the morning, officials said that a national highway passing through Jamnagar and 18 state highways passing through Rajkot, Jamnagar and Junagadh districts of the Saurashtra region were closed due to flooding. Many villages were cut off from other parts of the state as roads were inundated.

A bridge over the river Fofal collapsed, forcing the closure of a road connecting Jam Kandorna and Gondal in Rajkot district, officials said. After pounding Rajkot and Jamnagar districts for 24 hours since Monday morning, the rains eased a bit on Tuesday, while heavy showers were reported in Junagadh district during the day.

The Indian Air Force (IAF), Navy, and Coast Guard were called in to help in the rescue operations along with teams of the National Disaster Response Force (NDRF) and State Disaster Response Force (SDRF), officials said. Rajkot’s Lodhika taluka received the maximum rainfall of 516 mm in the state in the 24-hour period ending at 6 am on Tuesday, the State Emergency Operation Centre (SEOC) said.

Visavadar taluka in Junagadh district of Saurashtra received the second-highest rainfall at 468 mm, while Kalavad in Jamnagar recorded 406 mm rain, Rajkot taluka 325 mm and Dhoraji in Rajkot district 250 mm of rain, the SEOC said. On Tuesday, Mangrol taluka of Junagadh district received 151 mm rainfall in just four hours since 6 am, while Keshod taluka in Junagadh received 108 mm rainfall during the same period, the SEOC said.

IAF helicopters rescued 22 people stranded in parts of Jamnagar. They also rescued seven villagers in Rajkot. “A Navy team was helping in the operation to search for two persons who are missing after their car got washed away in Rajkot on Monday,” Collector Arun Mahesh Babu said.

“Two teams of the SDRF are deployed in Gondal and Lodhika talukas,” he said, adding that 1,467 people from rural areas and over 600 from urban areas were shifted to safer places. Teams of the Navy and Coast Guard also assisted the Jamnagar administration in rescuing 150 to 160 people within the city limits, Jamnagar Collector Sourabh Pardhi said.

During the 24-hour period ending at 6 am on Tuesday, 35 talukas received over 100 mm rainfall, mainly in Rajkot, Jamnagar, Junagadh, Porbandar, Gir Somnath, and Devbhumi Dwarka districts in Saurashtra region, as well as in south Gujarat’s Valsad and Navsari districts, the SEOC said. Chief Minister Patel visited Jamnagar during the day, an official release said in the evening.

Patel, accompanied by local MP Poonam Madam and state Chief Secretary Pankaj Kumar, first visited Dhuvav village and spoke with its residents. The CM then visited some flood-affected areas of Jamnagar city.

Addressing a press conference, Patel expressed satisfaction about the relief and rescue work. Over 5,000 persons in the entire Jamnagar district were shifted to safer places and over 800 stranded persons were rescued, the CM told reporters.

“As many as 4,760 persons have been shifted to safer places and 144 persons rescued in rural parts of Jamnagar district by NDRF, SDRF and Air Force. Similarly, 1,146 persons were shifted elsewhere while 724 persons were rescued in Jamnagar city. Around 10,000 food packets were distributed,” he said. Electricity supply will be restored in 84 villages in Jamnagar district by Wednesday evening, he assured.

“Livestock was also killed in large numbers. Health and sanitation teams have already started their work in the district. The government will conduct a survey of loss and announce compensation accordingly,” the chief minister said. Patel then left for Rajkot district to review the situation. Gujarat has so far this monsoon season received 69.24 percent of the average rainfall, and the downpour this month has helped the state narrow rain deficiency. In September the state has received 219.2 mm rainfall so far, against 65.3 mm in the entire August, 176.7 mm in July and 120.4 mm in June, as per the SEOC data.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top stock tips by Mitessh Thakkar, Sudarshan Sukhani: Titan, Infosys, GAIL and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian shares are likely to start Wednesday’s session on a positive note shrugging off weakness across other Asian markets. At 8:44 am, Nifty futures on the Singapore Exchange — an early indicator of India’s Nifty50 index — were up 32.5 points or 0.2 percent at 17,423.5, suggesting a positive start ahead on Dalal Street.

Equities in other Asian markets fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy. MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.4 percent in early Asian trade.

Overnight on Wall Street, the three main indices fell 0.53-0.8 percent after data showed inflation cooling in the US, raising fresh questions on when the US central bank will begin tapering its asset purchases. S&P E-Mini futures were up 0.1 percent in early Asian trade on Wednesday, suggesting a mildly positive start ahead in the US.

CNBC-TV18’s in-house panel of experts has picked a list of stocks for investors to buy/sell in trade today. Here are the top buy-sell calls by market experts:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zee Entertainment AGM: Company says all resolutions passed with requisite majority by shareholders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zee Entertainment Enterprises said that all the resolutions were passed with the requisite majority in its 39th annual general meeting (AGM). The meeting of the equity shareholders was held on Tuesday.

This development comes after the largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC sought a special meeting of shareholders to remove CEO and Managing Director Punit Goenka.

Shareholders voted on six resolutions including the adoption of audited financial statements of the company for the financial year ended March 2021. Two other resolutions on the re-appointment of directors Manish Chokhani and Ashok Kurien were not considered since they had already resigned.

R Gopalan, Chairman of the Company, chaired the proceedings of the meeting and informed the members that Ashok Kurien and Manish Chokhani had resigned as non-executive non-independent directors of the company with effect from September 13, 2021 owing to pre-occupation and changed life circumstances and perspective post COVID respectively.

Hence, the voting, he said, was not considered pertaining to the continuation of directorship of Ashok Kurien and Manish Chokhani respectively.

While 13 percent of shareholders voted against the adoption of financial statements, 87 percent passed the resolution. Resolutions such as dividends on preference shares and ordinary shares, and the ratification of payments to the cost auditor were also passed with a majority of close to 99 percent.

Shareholders also agreed to the appointment of two new independent directors – Sasha Mirchandani and Vivek Mehra.

Ahead of the meeting, Chokhani and Kurien, had resigned from the board after the company’s investors, Invesco Developing Markets Fund and OFI Global China Fund LLC, sought the removal of three directors, including CEO Punit Goenka.

The two shareholders have sought to appoint six new independent directors at the 39th annual general meeting (AGM), ZEEL had said in a regulatory filing on September 13.

Meanwhile, ace investor Rakesh Jhunjhunwala’s Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over Rs 225 crore through open market transactions. Rare Enterprises bought 50 lakh scrips at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA purchased 48.65 lakh shares at an average price of Rs 236.2 apiece.

Rare Enterprises’ purchase value stood at Rs 110.22 crore while that of Bofa Securities Europe SA was Rs 114.92 crore. BofA Securities Europe SA – Odi is a public shareholder of Zee Entertainment and held 1.03 percent stake at the end of the June 2021 quarter, according to news agency PTI.

On NSE, shares of Zee Entertainment zoomed as much as 40.06 percent to close at Rs 261.7 on Tuesday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus News Highlights: Maharashtra reports 3,783 COVID cases, 56 deaths

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Daily new cases of coronavirus in India continued to remained below 30,000 with the country recording 27,176 fresh COVID-19 cases, while 284 new fatalities were recorded, according to the Union Health Ministry data updated on Wednesday. With the fresh cases, India’s total tally of COVID-19 cases rose to 3,33,16,755, while the death toll has climbed to 4,43,497, according to the data updated at 8 am. The active cases declined to 3,51,087 comprising 1.05 percent of the total infections, while the national COVID-19 recovery rate was recorded at 97.62 percent, the ministry said. A reduction of 11,120 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. The number of people who have recuperated from the disease surged to 3,25,22,171, while the case fatality rate was recorded at 1.33 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow