Sensex Opens Flat; Tata Motors & NTPC Top Gainers

Wed, 22 Sep 09:30 am

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Asian stock markets opened lower today as investors tried to digest the crisis at Chinese property giant Evergrande. Markets in Korea and Hong Kong were shut.

The Nikkei is down 0.6% while the Shanghai Composite slipped 0.3%.

In US stock markets, Wall Street indices ended almost flat following a selloff the day before, with worries over troubles at developer China Evergrande and caution ahead of Wednesday's Federal Reserve policy news.

The Dow Jones slipped 0.2% while the Nasdaq Composite added 0.2%. The S&P declined 0.1%.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

The BSE Sensex is trading up by 27 points. Meanwhile, the NSE Nifty is trading higher by 9 points.

NTPC and Tech Mahindra are among the top gainers today. Nestle, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.7%.

Sectoral indices are trading mixed with stocks in the realty sector and power sector witnessing most of the buying.

FMCG stocks and banking stocks, on the other hand, are trading in red.

Shares of Mindtree and Pidilite Industries hit their 52-week highs today.

The rupee is trading at 73.71 against the US$.

Gold prices are trading down by 0.1% at Rs 46,612 per 10 grams.

Meanwhile, silver prices are trading up by 0.7% at Rs 60,859 per kg.

Crude oil prices rose around 1% today, extending overnight gains after industry data showed US crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

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In news from the media sector, Zee Entertainment (ZEE) is among the top buzzing stocks today.

Zee Entertainment has signed a merger deal with Sony Pictures Networks India, the company said in an exchange filing today.

As part of the proposed merger, which the board of directors of ZEE approved in-principle on Tuesday night unanimously, it will allow shareholders of Sony Pictures Networks India (SPN) - a step-down subsidiary of Japanese multinational conglomerate Sony Corp, to hold a majority stake in the merged entity.

ZEE will hold 47.07%, while Sony India will hold a 52.93% stake.

According to the term sheet, the promoter family is free to increase its shareholding from the current 4% to up to 20%, the company said.

The combined entity will own 75 TV channels, two video streaming services (ZEE5 and Sony LIV), two film studios (Zee Studios and Sony Pictures Films India) and a digital content studio (Studio NXT), making it the largest entertainment network in India, bigger than Star & Disney India.

They will also have over Rs 160 bn in revenues and an employee count of over 4,000.

Puneet Goenka will continue to provide services to the merged company as MD and CEO for a period of 5 years.

This is not the first time Sony has tried to acquire ZEE. In 2019, when Subhash Chandra was scouting for prospective buyers to repay lenders, Sony was one of the three shortlisted companies he was in talks with.

Note that last week, ZEE saw shareholder activism that witnessed an open call for the ouster of promoters and the incumbent management.

If the merger does go through, this will be a rare case where the promoters managed to remain in control of their company despite losing significant stake and investors' trust.

Zee Entertainment share price has opened the day up by 10%.

Moving on to news from the power sector, Tata Power has restarted fund-raising efforts for its renewables business. It is looking to raise Rs 40-55 bn for its subsidiary Tata Power Renewables Energy (TPREL).

This comes six months after it pulled out of negotiations with Malaysia's Petronas for up to US$2 bn investment.

The company had earlier conceived of a renewable energy infrastructure investment trust (InvIT) with external investors such as Petronas to pare debt, pursuing the plan for over a year before abandoning it.

The country's largest integrated power company has a stated plan to phase out coal-based capacity and expand its clean and green capacity to 80% by FY30. Renewable energy comprises over a third of its total power capacity of 13 GW.

The company is aiming for 40% green share by the year 2025.

It is also realigning its utilities business model to harness growth by focusing on niche, high-growth opportunities. One of the key growth strategies is to focus on sunrise areas that are less capital-intensive but gaining traction, such as solar EPC and pumps.

Tata Power is already moving into the business-to-consumer (B2C) value chain via electric vehicle (EV) charging stations and home automation, among other efforts.

Tata Power share price has opened the day up by 2%.

Speaking of Tata Power, have a look at the chart below to see how the stock has performed in the past year.

To know more, check out Tata Power's latest shareholding pattern.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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