Indices at previous closing
Nifty50: 17,415 ▼-88 (-0.5%)
Sensex: 58,340 ▼-323 (-0.5%)
Nifty Bank: 37,441 ▲+169 (+0.4%)
For more updates on F&O, click here.
Zee-Sony merger deal in final stages
The management of Zee Entertainment has said that its proposed merger with Sony is in final stages. It added that the combined revenue on a standalone basis will be around $2 billion ($15,000 crore) and the capital which Sony will put into business will help it to invest in premium content including sports.
According to the management, the new merged entity will also focus on sports. This merger is also expected to benefit the media and entertainment industry. It’s important to note here that recently, Zee’s founding family was involved in a bitter battle with the company’s largest shareholder Invesco. Meanwhile, shares of Zee entertainment closed 7% higher yesterday.
Coal India’s massive capex on track
Shares of India’s largest coal producer rose 1.7% yesterday and were among the Nifty50 top gainers. The company has reportedly said that its targeted ₹17,000 crore capex for the current fiscal is on track. The state-owned company has envisaged investments to the tune of ₹40,000-50,000 crore over next 4-5 years.
Its management said that such an expenditure is required to maintain production. Additionally, it mentioned that coal price revision is inevitable and could be expected soon.
Oil prices fall as supply eases
The price of oil was subdued yesterday and has corrected nearly 5% so far this month. The softness in oil prices was supported by easing global supply. Recently, the US said that it would release millions of barrels of oil in coordination with other countries. This comes after the OPEC producers overlooked the calls to increase supply.
Also, there are concerns over weak demand in Europe as the news cases again rise especially in Germany and France. However, analysts expect the effect of the coordinated release to last only in the short-term. Further, the crude prices were much affected even as US crude inventories rose highest in three weeks.
Sectoral indices (November 24)
|Top gainers||Top losers|
|Nifty Pvt Bank
Global markets (at 8:00 am today)
|SGX Nifty||▼ 0.1%|
|SSE Composite (China)||▼ 0.2%|
|Dow Jones (US)
|S&P 500 (US)
Fact of the day
The name of one of the largest sportswear brands Adidas is an abbreviation of its founder Adolf (‘Adi’) Dassler’s name.
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