Morning Update for 27 September 2021

Indices at previous closing

Nifty50: 17,853 ▲+30 (+0.1%)
Sensex: 60,048 ▲+163 (+0.2%)
Nifty Bank: 37,830 ▲+58 (+0.1%)

For more updates on F&O, click here.

In the news

Invesco wants to oust Zee CEO

Invesco Fund has reportedly reiterated its opposition to current CEO and MD Punit Goenka. The largest shareholder in the company wants to oust Goenka and also nominate its six candidates on the Zee board.  

This comes after the announcement of Sony Pictures Network India’s merger with Zee. Invesco has said that it continues to see value in the business on its own or through partnerships such as with Sony. Shares of Zee were up 0.2% on Friday but have risen 85% this month. 

TVS Motor rides the EV Wave

India’s third largest two wheeler maker by volumes has reportedly said that it plans to launch a complete range of electric two-wheelers and three-wheelers in the next two years. 

The management said that the company is investing ₹1,000 crore in its EV business and hopes to become a leading player in the segment. Besides domestic sales, the company will also look to export EVs. Meanwhile, the shares of TVS Motor fell by 0.7% on Friday.

Reliance Infra to raise funds

The infrastructure company said that it has received approval from its board to raise $100 million (₹750 crore) through the debt route. The company will issue unsecured foreign convertible bonds with a coupon rate of 4.5% on a private placement basis. 

These bonds will be for the tenure of 10 years and will mature in 2031. Earlier this month, the company won a four-year old case and is expected to receive ₹4,660 crore from it.  After winning this arbitration case, the shares of Reliance Infrastructure have risen 50%, since September 9.   

Sectoral indices (September 24)

Global markets (at 8:00 am)

Fact of the day

In 1940, Richard and Maurice McDonald opened the first McDonald’s restaurant as a BBQ joint in San Bernardino, California. This joint is now a museum.

Source: History.com

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