NEW DELHI: Reliance Industries-owned media stocks soared on Tuesday after the company announced plans to merge its four entities — Network18, TV18 Broadcast, DEN and Hathway.
Shares gained up to 20 per cent on BSE. Vodafone Idea, on the other hand, tumbled over 11 per cent after Care Ratings downgraded its long-term bank facilities and non-convertible debentures. Benchmark indices logged their fourth straight day of loss.
BSE flagship Sensex fell 161 points to 40,894 while NSE barometer Nifty was down 53 points to 11,992. "Market sentiment continued to be hit by COVID-19 after the issue of warning notes by key global MNC’s regarding sales impact.
Global weakness is expected to hurt the domestic market as high valuation and low economic growth is not supportive.
The huge government dues to be paid by the telecom sector will keep banking stocks volatile impacting the market performance," said Vinod Nair, Head of Research at Geojit Financial Services.
Here is a lowdown of the movers and shakers of Tuesday’s session on Dalal Street: HCL Tech bags deal in New ZealandHCL Technologies said it has bagged a new large contract with New Zealand dairy co-operative, Fonterra to modernise and manage its entire technology infrastructure.
Shares of the company slipped 0.72 per cent to Rs 609. Voda Idea tumbles 11 per centAmid talks of the government encashing its bank guarantee over default in payment of dues, Vodafone Idea Chairman Kumar Mangalam Birla met Telecom Secretary Anshu Prakash on Tuesday as he looked for options to keep the company afloat.
Meanwhile, shares of Vodafone Idea tanked 11.40 per cent to Rs 3.03 due to rating downgrade on AGR dues and other issues at the company. Maruti launches BS-VI IgnisMaruti Suzuki India launched BS-VI compliant version of its premium compact car Ignis priced Rs 4.89-7.19 lakh.
Shares of the automaker dipped 1.92 per cent to Rs 6,772. LIC Housing falls 4 per centShares of LIC Housing fell 4.26 per cent to Rs 363.65 after foreign brokerage Credit Suisse slashed target on the stock by 36 per cent to Rs 320 from Rs 500 earlier. Hero Moto to invest Rs 10,000 croreHero MotoCorp on Tuesday announced investment of Rs 10,000 crore over the next 5-7 years on various activities, including research and development and setting up new manufacturing facilities.
Shares of the firm fell 1.35 per cent to Rs 2,253.40. DHFL’s two-dozen reasons to cheerShares of Dewan Housing Finance shot up 4.97 per cent to Rs 10.34 after more than two dozen entities put in bids to takeover the debt-laden firm. Media index jumpsNifty Media was the biggest gainer among sectoral indices on an otherwise muted day, thanks to 14.77 per cent jump in TV18 Broadcast and 4.87 per cent gain in Network18, both of which will be merged along with DEN and Hathway Cable - Datacom. Most active stocksMuthoot Finance was the most active security in terms of turnover on NSE, followed by IndusInd Bank, SBI, IRCTC and Bharti Airtel.
In terms of transaction volume, Vodafone Idea topped the table.
YES Bank, NCC, Tata Motors and SBI followed. 254 stocks hit year-lowsOver 250 stocks hit their 52-week lows on BSE.
They included Bandhan Bank, Bank of Baroda, BHEL, Canara bank, Coal India, Gillette India, Hero Moto, Hindustan Zinc, IndusInd Bank, NBCC, ONGC, NTPC and ITC, among others.