Month: July 2019

Essel Group sells 11% stake in ZEEL in a deal worth Rs 4,224 crore

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

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Essel Group has sold an 11 percent stake in ZEE Entertainment Enterprises Ltd. (ZEEL) to Invesco Oppenheimer Developing Markets Fund in a deal worth Rs 4,224 crore on Wednesday.

Essel Group announced the development in a press release.

Invesco Oppenheimer Developing Markets Fund is an investment company registered with the US Securities and Exchange Commission (SEC), and has a long history of investing in India as a financial investor, the press release stated.

Punit Goenka, managing director and CEO, ZEE Entertainment Enterprises Ltd, said: “I’m extremely glad to share that the Fund as a Financial Investor has further reposed its faith in ZEEL.

“It also gives me immense pleasure to note their strong belief and trust in the intrinsic value of our precious asset. It is the valuable belief and support of our esteemed financial investors that enables us to consistently generate great value, year after year.”

Essel Group has been looking to divest its stake in ZEEL in a bid to pay off its debt and aims to repay its lenders by September 2019.

“Along with ZEEL, Essel Group is also in the process of divesting some of its non-media assets,” the release stated.

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

India receives 42% more rains than average this week, says IMD

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

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India‘s monsoon rains in the week ending on Wednesday were above average for the second time since the start of the season on June 1, helping farmers accelerate the planting of summer-sown crops and easing concerns of drought.

Monsoon rains are crucial for farm output and economic growth, as about 55 percent of India‘s arable land is rain-fed, and agriculture forms about 15 percent of a $2.5 trillion economy that is the third biggest in Asia.

India received 42 percent more rainfall than the 50-year average in the week to July 31, data from the India Meteorological Department (IMD) showed.

Overall, India has received 9 percent less rain than average in the first half of June-September monsoon season.

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

Amazon Freedom Sale starts on August 8: Here are the best deals on offer

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

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E-commerce  giant Amazon India has announced a Freedom Sale to celebrate 73rd Independence Day from August 8-11. The sale will kick-start a day earlier for Amazon Prime users.

Amazon has partnered with the State Bank of India (SBI) to offer 10 percent instant discount to its credit card users. During the sale, the internet retailer will offer huge discounts, exchange offers, no-cost EMI option and launch offers.

The company claims that there will be discounts up to 40 percent on mobile phones and accessories. Smartphones like Samsung Galaxy S10, Samsung Galaxy M40, Samsung Galaxy M30, Samsung Galaxy M20, Redmi Y3, Oppo A7, Honor View 20, and Oppo K3 are expected to be on sale at steep discounts while phones like Oppo Reno, Vivo V15, Samsung Galaxy Note 9, V15 Pro, and Oppo F11 Pro will be available on exchange offers.

Among accessories, power banks, cables and chargers, Bluetooth headsets, and cases and covers will be available with discounts and deals on Amazon.

In the electronics category, cameras, smartwatches and accessories will be sold at up to 50 percent discount. Headphones and speakers will see up to 60 percent discounts.

Large screen TVs, smart TVs and air conditioners will be selling at a discount of up to 50 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

Gold falls on muted demand; silver firms up

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

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Gold prices dropped Rs 100 to Rs 35,780 per 10 gram in the bullion market here Wednesday due to lacklustre demand from jewellers even as the precious metal remained flat overseas, according to the All India Sarafa Association.

Silver, however, gained Rs 70 to Rs 42,120 per kg on increased offtake by industrial units and coin makers.

The decline in demand from local jewellers at the domestic spot market led to the dip in gold prices though the yellow metal remained flat in overseas market, traders said.

Globally, gold was trading almost flat at $1,430.70 an ounce in New York as investors awaited the outcome of US Federal Reserve’s meeting on Wednesday.

The US Fed is expected to cut its benchmark interest rate for the first time in a decade.

Meanwhile, silver was quoting lower at $16.54 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 100 each to Rs 35,780 per 10 gram and Rs 35,610 per 10 gram, respectively.
Sovereign gold held steady at Rs 27,500 per eight gram.

Silver ready gained Rs 70 to Rs 42,120 per kg, while weekly-based delivery rose Rs 195 to Rs 41,434 per kg.

Price of silver coins held flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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

Buy Indiabulls Real Estate on dips with 6 months’ timeframe, says market expert SP Tulsian

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

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Investors can buy Indiabulls Real Estate with a view to hold it for the next six months or so, says stock market guru SP Tulsian.

In an interview with CNBC-TV18, Tulsian shared his views on the fundamentals of the market, specific stocks and sectors. “As Gagan Banga has confirmed the sale of the entire promoter stake of 34 percent, and 14 percent is already sold, balance would get sold in this calendar year itself. That means the Indiabulls tag gets removed from the company, which will be a big positive. Probably that is dragging down the share price. If it falls by 10 percent, then buy Indiabulls Real Estate with a view to hold it for the next six months or so,” he added.

Tulsian has a cautious view on Axis Bank. “I do not think that the stock has still reached its correct value. In fact, 15-17 percent correction has been seen and that was the case with all, excluding HDFC Bank, Kotak Mahindra Bank and ICICI Bank. We have seen a lot of exuberance in the valuations of Axis Bank in the last 3-4 months and it is bound to see a correction. After this commentary and results, maybe the stock can correct further by about 5 percent and then it will reach its value,” he opined.

On Apollo Tyres, he said: “I am not happy with the numbers. Definitely Europe continues to take a toll and even the Asia Pacific and Middle East geography has shown a sequential drop. I am not saying the results are bad, but I am not happy with the numbers.”

Speaking about Cholamandalam, Tulsian said, “The numbers are seen to be quite good, and one should not get carried away only by their truck financing business. In fact, they have other verticals where they have performed quite well.”

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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

Closing bell: Sensex, Nifty snap two-day losing streak; IndusInd Bank, Tata Steel top gainers

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

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Indian benchmark indices snapped two days of losses to end higher on Wednesday led by gains in banking, metal, and auto stocks. IndusInd Bank, Tata Consultancy Services, Kotak Bank, and Sun Pharma contributed the most in gains.

Meanwhile, fresh trade war fears weighed on global stocks ahead of the US Federal Reserve meeting. As a new round of trade negotiations started in Shanghai, US President Donald Trump tweeted that if he wins re-election in November 2020, the deal between the two nations could be a tougher one or no agreement at all.

The Sensex ended 84 points higher at 37,481, while the broader Nifty50 index added 33 points to end at 11,118. In broader markets, the Nifty Midcap rose 1.4 percent and Nifty Smallcap index advanced 0.4 percent.

IndusInd Bank, Tata Steel, YES Bank, IOC, and Hero MotoCorp were the top gainers on Nifty50 while Zee, Axis Bank, Bharti Airtel, Titan, and Bharti Infratel led the losses.

Sectoral indices ended mixed for the day. The Nifty Metal index rose the most, up 2.4 percent, followed by Nifty PSU Bank, up 1.7 percent. Nifty Auto advanced 1.3 percent while, Nifty Pharma gained 1.4 percent for the day. Nifty FMCG and Nifty IT also added 0.7 percent each.

Meanwhile, Nifty Media fell 2.9 percent for the day.

Shares of Coffee Day Enterprises shed another 20 percent to hit 52-week low after Cafe Coffee Day founder VG Siddhartha’s body was found near the Netravathi river in Mangaluru. He is believed to have committed suicide.

Axis Bank fell nearly 4.5 percent after the private lender reported higher provisioning and slippages in the June quarter. The bank’s profit rose 95 percent year-on-year to Rs 1,370 crore, despite a decline in asset quality. The lender had reported a profit of Rs 701 crore in Q1FY19.

DishTV fell over 4 percent after the company reported losses in the quarter ended June 2019. The company’s Q1 consolidated net loss was at Rs 32 crore against a profit of Rs 37.9 crore in the Q1FY19.

Hero MotoCorp rose 4 percent after it posted a 38.3 percent YoY increase in Q1FY20 profit on account of one-time gain with respect to reversal of a calamity fund.

Gujarat Gas added 5 percent after the company reported strong numbers for the quarter ended June 2019.

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

Tax provisions in budget affecting sentiments, says Neelotpal Sahai of HSBC Global Asset Management

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

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The past six months have witnessed a massive price correction in the market as the slowdown in consumption is affecting sentiments, says Neelotpal Sahai, Head of Equities and Fund Manager at HSBC Global Asset Management.

In an interview with CNBC-TV18, Sahai said: “We have been seeing price correction in the broader market for more than a year and a half now. However, it is now visible in the narrow market, especially in the other half of Nifty. So, in the near term, there could be more reasons which have got to do with the sentiments related to consumption slowdown.”

According to Sahai, it might have started with the NBFC liquidity-driven slowdown which was impacting sentiments. “Recently, the expectations from the budget might have been high, and it did not meet some of the expectations. The tax provisions might not have gone down well with a certain class of investors. So, that might be impacting the near-term sentiment,” he said.

“What is important from the perspective of an investor is to keep an eye on the fundamentals, which we believe were improving for a couple of quarters. In this quarter, as the results are panning out and because of the consumption slowdown, the earnings growth might moderate a bit. Yet, the expectation for the full year, especially for the large-cap earnings growth, is still intact in high teen kind of thing. So, we are positive on the market from a medium- to
long-term perspective,” he added.

Sahai says there is a possibility of making money in sectors where there is consolidation such as organised real estate. “Within real estate, commercial real estate is probably doing better than the residential segment. So, those stocks with a higher share of commercial realty are in a much better shape at this point of time,” he added.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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

Markets at close: How the major indices and stocks fared on Wednesday

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

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Indian shares ended higher on Wednesday, boosted by public sector banks and metal stocks, but recorded their worst month this year in July as the results season that began earlier this month failed to cheer investors.

For July, the NSE Nifty was down 5.7 percent, its worst since September, while BSE Sensex fell 4.9 percent to an eight-month low.

Public sector banks and metals were top boosts, with their indexes rising 1.73 percent and 2.42 percent, respectively on Wednesday.

India’s top refiner Indian Oil Corp ended up 3.9 percent after the company reported a better-than-expected profit for the June quarter.

Zee Entertainment Enterprises topped the Nifty losers list, falling 5.1 percent and dragging the Nifty media index by 2.9 percent.

Here’s a quick recap of how top market indices and stocks fared on Wednesday:

Frontline indices

Sensex: The Sensex settled 84 points up, or 0.22 percent, to close Wednesday’s trade at 37,481. So far this year, the 30-share benchmark BSE index has surged 3.29 percent, adding 1,413 points.

Nifty50: The Nifty50 also added 32.60 points, or 0.29 percent, to settle at 11,118. So far this year, the broader NSE index has added over 255.45 points, rising 2.35 percent.

Key stocks

Tata Consultancy Services: The IT major settled 1 percent higher, closing at Rs 2,201 per share on NSE.

Reliance Industries: The oil-telecom-retail conglomerates’ shares ended sharply lower, down by 1.33 percent at close, quoting at Rs 1,165.20 on NSE.

HDFC Bank: The private sector lenders’ shares dipped 0.12 percent in trade today, quoting at Rs 2,249.60 on NSE.

Hindustan Unilever: The FMCG major’s stock closed at Rs 1,721.90 per share, ending flat in the green, up by just 0.12 percent at close on NSE.

HDFC: The NBFC stock settled at Rs 2,123.15, down by 0.19 percent.

Major sectors

Nifty Bank: The banking gauge settled 0.29 percent lower at 28,876, up by 84 points at close. So far this year, Nifty Bank has gained 6.32 percent.

Nifty IT: The IT index ended 0.76 percent higher to settle at 15,620.20. So far this year, it has gained 8.17 percent.

Nifty FMCG: The consumer goods gauge settled higher, up by 0.70 percent at 29,066. So far this year, Nifty FMCG has lost 4.75 percent.

Nifty Auto: The index ended higher, rising by 1.30 percent to settle at 6,851.65. So far this year, it has corrected by almost 25.81 percent.

Nifty Metal: The metal index also gained 2.42 percent to settle at 2,588. So far this year, the index has lost 17.96 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

Nifty PSU Bank index slips the most among sectoral indices; 10 PSUs remain in red

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

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The month of July saw huge losses in equities with Sensex and Nifty declining more than 5 percent. Among NSE sectoral indices, Nifty PSU Bank witnessed the most amount of loss as it declined more than 14 percent this month.

Intraday, Nifty PSU Bank index declined 0.79 percent to its day’s low at 2,687.90.

Out of 12 PSU Banks, 10 delivered double-digit loss. Oriental Bank of Commerce remained the top loser in the Nifty PSU Bank index, which fell 26 percent this month.

Other banks with double-digit losses are IDBI Bank, Allahabad Bank, Syndicate Bank, Bank of India, Canara Bank, Union Bank, Punjab National Bank, Bank of Baroda and Andhra Bank.

Two banks — Indian Overseas Bank and State Bank of India — slipped over 8 percent this month, the least in the index.

The aforementioned stocks declined in trade despite Finance Minister Nirmala Sitharaman announcing a bank re-capitalisation package of Rs 70,000 crore for growth capital in PSBs.

Moody’s Investors Service, in its recent research report said, “Our outlook for the Indian banking system is stable. Pressure on banks’ asset quality and capitalisation has eased while profitability will improve. However, an economic slowdown and stress among NBFCs pose risk.”

It further said, “Asset quality remains a key credit weakness for PSBs, but it has improved across the system in a year as a result of slow NPL formation, recoveries from large resolved NPLs and the acceleration of write-offs enabled by improved provisioning coverage.”

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