Gift Nifty Down 14 Points | Reliance Nears Disney India Takeover | Tech Mahindra to Exit Avion Networks | Top Buzzing Stocks Today

Wed, 25 Oct Pre-Open

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On Monday, Indian share markets Sank further as the session progressed and ended the day deep in red.

Sharp selling gripped Indian benchmark indices on Monday, after the US Treasury yield crossed above the 5% mark. The selloff, which engulfed, other global peers too, deepened amid the ongoing war between Israel and Hamas.

At the closing bell on Monday, the BSE Sensex stood lower by 826 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 260 points (down 1.3%).

M&M and Bajaj Finance were among the top gainers.

Hindalco and UPL on the other hand, were among the top losers.

The BSE MidCap index fell 2.5% while the BSE SmallCap index gained 4.2%.

Sectoral indices ended in red with stocks in the telecom sector and metal sector witnessing most of the selling pressure.

Shares of Dixon Technologies, Suzlon Energy and Welspun India hit their 52-week high on Monday.

The rupee was trading at 83.16 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 60,671 per 10 grams at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading lower by 14 points or 0.1% at 19,310 level.

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

Speaking of stock markets, what do you feel about buying a stock that's trading at a PE multiple of 85x?

Well, for value conscious investors like Co-head of Research at Equitymaster, Rahul Shah, who believe in following rules and having strict upper limits for valuations, I will simply give the stock a pass.

A PE of 85x is quite high and does not offer margin of safety of any kind.

However, there are a few exceptions to this rule. Is the fertiliser company FACT one such exception? Or is the stock price in a bubble?

Find out more in the below video:

Top buzzing stocks today

BSE share price will be in focus today.

Shares of BSE rallied 13% to scale a fresh lifetime high on Monday after the Bombay Stock Exchange revised transaction charges in the equity derivatives segment, with effect from 1 November 2023. With this, the stock has climbed over 200% since the beginning of this year.

Aurobindo Pharma will also be a top buzzing stock.

The company's wholly-owned subsidiary company, Eugia Pharma Specialities, received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market a drug that treats hypogonadism.

Reliance Nears Disney India Takeover

Reliance Industries is nearing a cash and stock deal to buy Walt Disney Co.'s India operations, according to media reports.

The US entertainment giant may sell a controlling stake in the Disney Star business, which it values at around US$ 10 billion (bn), as opposed to piecemeal transactions weighed earlier. Reliance views the assets at between US$ 7 bn to US$ 8 bn.

The acquisition could be announced as early as next month with some of Reliance's media units merged into Disney Star.

Under the proposal, Disney will likely continue to hold on to a minority stake in the Indian company after any cash and stock swap transaction is completed.

No final decision has been made on the deal or the valuation, and Disney could still decide to hold onto the assets for a bit longer.

The deal talks are illustrative of Ambani's disruption of India's entertainment industry after he scooped up the streaming rights to the Indian Premier League for $2.7 billion in 2022.

The billionaire's JioCinema platform then chose to broadcast the hugely popular domestic cricket tournament for free earlier this year.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

Tech Mahindra To Exit Avion Networks

Tech Mahindra (Americas) announced on 23 October that it will divest its 30% holding in Avion Networks Inc. for US$ 50,000 to Kanchana Raman, the promotor of Avion Networks Inc.

The expected date of completion of the sale/disposal is on or before 31 October 2023.

Tech Mahindra (America) Inc (TMA), a wholly owned subsidiary of Tech Mahindra Limited, currently holds 30% share capital of Avion Networks Inc.

Since there was no contribution in terms of turnover or net worth in the consolidated turnover or net worth of the company from this entity, it was decided to divest Tech Mahindra's stake in Avion Networks to optimize the compliance cost and risks.

In 2015, Tech Mahindra established a partnership with Avion Systems, a global telecommunications technology firm. The goal of this joint venture was to provide network design and software engineering services.

Their services focused on deploying and managing mobile networks and transforming these networks into cloud-enabled, virtual, and open systems software-driven networks.

Earlier this year in June, Tech Mahindra announced the divestment of its 49% stake in SARL Djazatech.

IT stocks offering decent return on Equity (ROE), sales growth and profit growth appeal to many. Tech Mahindra is one of the top Indian IT companies in India...

Vedanta Faces CFO Departure

Vedanta is likely to lose its third chief financial officer in as many years just as the mining conglomerate controlled by billionaire Anil Agarwal heads into an ambitious restructuring of its businesses.

Sonal Shrivastava, who joined the company in June informed Agarwal about her decision to leave last month.

Agarwal is talking with finance professionals who had earlier stints in the group to replace her, and a decision is expected as early as this week.

Shrivastava's departure will add to Agarwal's woes as his holding company, Vedanta Resources, faces about US$ 3 bn of bond repayments in the next two years.

The group has been engaging with bondholders on a potential restructuring of terms for the upcoming maturities.

Last month, Vedanta Ltd approved a plan to split itself into six listed companies.

Following this, Agarwal hopes the move will attract investors directly to key businesses and improve the valuation of its parts.

The shake-up would also make it easier to sell some assets to reduce its parent's debt load.

Anil Agarwal plans to split his conglomerate to unlock value for repaying debt. To know will that solve his problem, check out Vedanta Demerger: Potential for Value Creation but Uncertainty Remains.

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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