Gift Nifty Up 52 Points | Reliance Industries To Buy Stake in Tata Play | Ullu Digital Files For IPO | Top Buzzing Stocks Today

Fri, 16 Feb Pre-Open

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On Thursday, Indian share markets gained momentum as the session progressed and ended the day higher.

The equity benchmark indices ended Thursday's trading session in the positive territory, led by gains in midcap and largecap stocks.

At the closing bell on Thursday, the BSE Sensex closed higher by 227 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 70 points (up 0.3%).

BPCL, M&M and ONGC were among the top gainers.

ITC, Nestle and Axis Bank on the other hand, were among the top losers.

Broader markets are trading mixed. The BSE Mid Cap ended 0.9% higher and the BSE Small Cap index ended 1.2% higher.

Sectoral indices are trading mixed, with socks in metal sector, power sector and oil & gas sector witnessing most buying. Meanwhile, stocks in FMCG sector and healthcare sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 61,450 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the Gift Nifty was trading 52 points higher at 22,080 levels.

Indian share markets are headed for a positive today following the trend on Gift Nifty.

Speaking of stock markets, Tata Motors has now gone past Maruti Suzuki to emerge as India's most valuable auto manufacturer.

From a loss of Rs 287 bn in FY19, perhaps its highest ever, Tata Motors has earned record profits of Rs 157 bn in the trailing twelve-month period. And it is this turnaround that has led to investors warming up to the stock and turning it into a 12-bagger since its March 20 lows.

However, when it comes to fundamental parameters like profitability, return ratios and balance sheet strength, Maruti is comfortably ahead of Tata Motors.

Why is it then Tata Motors enjoys nearly the same valuation as Maruti? Why is Mr Market considering Tata Motors at par with Maruti?

Co-head of Research, Rahul Shah answers this in below video.

Top buzzing stocks today

Yes Bank share price will be in focus today.

Shares of Yes Bank gained 0.5 percent on 15 February on NSE, as 390 m shares of the bank worth for Rs 11.3 bn were sold in bulk deals.

According to the media report, Carlyle Equity sold its 1.4% equity stake in Yes Bank. Carlyle had bought Yes Bank stake at Rs 13.8 per share in July 2022.

Oil India will also be a top buzzing stock.

Shares of Oil India surged 14% on 15 February to hit a new high of Rs 570.5 on the NSE in an otherwise volatile market on the back of robust production outlook.

The stock of state-run oil exploration and production company has surged around 18% after reporting its third quarter earnings on 13 February.

Reliance Industries to Buy Stake in Tata Play

Mukesh Ambani-owned Reliance Industries (RIL) is in discussions to acquire a 29.8% stake in Tata Play from the Walt Disney Company, according to sources close to the development.

This move is seen as part of RIL's broader strategy to deepen its footprint in India's television distribution sector.

Tata Sons, the holding company of the Tata group, currently holds a 50.2% stake in the satellite television broadcaster.

Besides Disney, the remaining shares are owned by Temasek, a Singapore-based fund.

If the negotiations are successful, it would mark the first time the Tata group and the Ambanis have partnered in a joint venture.

It would also extend the reach of JioCinema across the Tata Play platform. Disney had intended to divest its shares during Tata Play's initial public offering, but as the listing was postponed, the American company began exploring other exit strategies.

Temasek had also been in discussions with the Tata Group last year to sell its 20% stake in the company, valued at approximately $1 billion (bn).

However, no agreement was reached. A source revealed that with the acquisition of the Tata Play stake, Reliance plans to offer its entire JioCinema content bouquet to Tata Play customers.

The satellite television broadcaster faces numerous challenges, primarily competition from streaming platforms, such as Netflix, Hotstar, JioCinema, and Amazon Prime.

Ullu Digital Files For IPO

Ullu Digital, an over-the-top streaming platform, has filed draft papers with the BSE SME to raise funds through an initial public offering (IPO).

The company is looking to raise Rs 1.4-1.5 bn through the IPO, which will be purely a fresh issue of around 6.2 m shares.

If approved, it will be the biggest-ever SME IPO in terms of size.

The Spectrum Talent Management offer which raised Rs 1.1 bn is the largest IPO in the SME segment. Aashka Hospitals which garnered Rs 1 bn comes next, Baweja Studios (Rs 970m), Khazanchi Jewellers (Rs 970 m), and Wise Travel India raised Rs 947 m, data from Chittorgarh.com shows.

The Mumbai-based OTT platform engages in the distribution, exhibition, promotion, marketing and delivery of diverse content on its platform/app Ullu, which offers web series, short films and shows.

A sum of Rs 500 m will be used to meet the working capital requirements of the company, and the remaining funds will be used for general corporate purposes.

Vibhu and Megha Agarwal own 95% stake in Ullu, with the remaining 5% shares held by public shareholder Zenith Multi Trading DMCC.

Why Axis Bank Share Price is Falling.

Axis Bank shares fell more than 2% in afternoon trade on 15 February after BJP leader Subramanian Swamy moved the Delhi High Court, alleging the private bank's involvement in a Rs 51 bn scam.

In a post on the X platform, the Bar and Bench website said Swamy alleged that Axis Bank made undue gains by way of transactions in shares of Max Life Insurance.

Swamy moved the court seeking an investigation by a committee of experts into the transaction.

Swamy contented that Axis Bank group companies bought 12.0% shareholding in Maxlife Insurance for Rs 31.51- Rs 32.12 a share at a total consideration of Rs 7.4 bn, which is below the fair market value.

It further said that though the IRDAI imposed a penalty of Rs 30 m on Max Life Insurance for misrepresentation it was negligible compared to the size of the fraud.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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