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Barometers trim losses, media stocks in demand

Published on Aug 24, 2022 10:31

The domestic equity benchmarks pared losses and traded near the flat line with small gains in the morning trade. The Nifty traded above 17,550 mark. Media shares extended gains for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 20.82 points or 0.04% to 59,052.12. The Nifty 50 index added 9.80 points or 0.06% to 17,587.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.73%.

The market breadth was strong. On the BSE, 2,122 shares rose and 931 shares fell. A total of 142 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 563 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 215.20 crore in the Indian equity market on 23 August, provisional data showed.

Buzzing Index:

The Nifty Media index gianed 1.29% to 2,089.15. The index added 1.48% in the past two trading sessions.

Dish TV India (up 4.31%), Network 18 Media & Investments (up 2.01%), Sun TV Network (up 1.78%), Zee Entertainment Enterprises (up 1.3%), TV18 Broadcast (up 1.07%), Hathway Cable & Datacom (up 0.89%), Inox Leisure (up 0.44%), PVR (up 0.37%), Saregama India (up 0.12%).

New Delhi Television (NDTV) hit an upper circuit limit of 5% after the Adani group launched takeover bid of the media company. Vishvapradhan Commercial Private Limited (VCPL), wholly owned subsidiary of AMG Media Networks Limited (AMNL), holds warrants of RRPR Holding Private Limited (RRPR), entitling it to convert them into 99.9% stake in RRPR. AMNL is 100% subsidiary of Adani Enterprises Limited (AEL). VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR.

Stocks in Spotlight:

Chennai Petroleum Corporation advanced 3.25% after the company`s board approved the Proposal for formation of a joint venture company (JVC) with Indian Oil Corporation (IOC) and other seed equity investors. The other seed equity investors include Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company. The JVC is being formed for Implementing the 9 MMTPA refinery project at Cauvery Basin Refinery, Nagapattinam District, at an estimated cost of Rs 31,580 crore.

Ugro Capital rallied 3.55% after the NBFC announced that the meeting of the investment and borrowing committee of the board is schedule on 26 August 2022 to consider raising funds. The NBFC added that the funds will be raised by way of issuance of non-convertible debentures through private placement basis.

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