Nifty50: 17,546 ▼-15 (-0.08%)
Sensex: 58,927 ▼-77 (-0.13%)
The markets ended marginally lower today amid another volatile session. However, the market breadth was almost evenly split with 27 stocks posting gains.
Among the Nifty sectoral indices, Media (+13.5%) and Realty (+8.4%) gained the most. Whereas, Financial Services (0.8%) and Bank Nifty (0.7%) were the top losers.
| Top gainers | Today's change |
| Coal India | ▲ 3.6% |
| Tech Mahindra | ▲ 3.5% |
| Hindalco | ▲ 2.7% |
| Top losers | Today's change |
| Nestle India | ▼ 1.4% |
| HDFC | ▼ 1.3% |
| ICICI Bank | ▼ 1.1% |
For more updates on F&O, click here.
Here are the top stories of the day.
Zee to merge with Sony Pictures
Shares of Zee Entertainment zoomed over 30% today after its board gave a nod for the merger with Sony Pictures Network India (SPNL). Both the companies have entered into a non-binding term sheet that provides a 90-day period for mutual diligence. Eventually, the merged entity will be a listed company.
This deal marks consolidation in the media industry where OTT platforms are gaining prominence. In the Zee-SPNL deal, SPNL’s shareholders will hold a majority stake in the merged entity. Both the companies are expected to combine their networks, digital assets, production operations and libraries.
Mphasis shares rise on acquisition deal
Shares of IT major Mphasis hit a lifetime high, rising 3.3% on an intraday basis as it announced the acquisition of US-based Blink UX, a design consultant. The company picked up a 100% stake for a total of $94 million.
Mphasis, in its exchange filing, said that the acquisition of Blink UX is growth accretive, will enhance the experience business, and provide access to its marquee client base. As per reports, Blink’s clientele includes Facebook, Amazon, Google among others. Shares of Mphasis closed 1.5% higher in an otherwise flattish market.
KEC International bags new orders
The power transmission solutions provider has bagged new orders worth ₹1,157 crore. These new orders are across its business segments such as transmission and distribution (T&D), railways, civil and cables.
The company’s management said that its new orders in the T&D segment, especially in the Middle East region, will enable the company to strengthen its presence in the global markets. Meanwhile, the shares of KEC International were down 2.8% today.
Closing bell
After bouncing back yesterday, markets showed signs of indecisiveness today. The US Fed is expected to announce its timeline for cutting the stimulus, which could have a bearing movement on the US dollar, commodities and global equities. It is time for traders to re-analyze the market’s direction, especially post this announcement and trade accordingly. Any knee-jerk reaction to the outcome of the Fed’s meeting could lead to a rise in volatility.
Good to know
What is net worth?
Net worth is an important financial metric to understand a company’s financial health. It can be calculated by subtracting all liabilities from the assets. Positive or increasing net worth indicates that a company is in good financial condition. On the other hand, falling or negative net worth can be a major cause of concern for a company. It is important to note that net worth is also known as book value or shareholders’ equity. Rising return on net worth is a positive sign implying that the shareholders' money is being used efficiently.
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