Live: Sensex Gives Up 38,000; Zee Entertainment Falls 8%
BQ Live
FMCG Stocks Decline
NSE Nifty FMCG Index fell for the sixth straight session after it declined 0.76 percent in today’s trade, dragged down by losses in Marico and Dabur India.
Zee Falls For The Fifth Day In A Row
Shares of the media company fell for the fifth straight session after declined nearly 8.7 percent to Rs 334.15 apiece. The stock has fallen over 21 percent in the last five sessions.
Essel Group, in a press release, said the stake sale process of Zee Entertainment Enterprises Ltd. is at an advanced stage.
The stock traded 20 times its estimated earnings per share for the coming year, Bloomberg data showed.
The stake sale process of Zee Entertainment Enterprises Ltd. undertaken by Essel Group, is in steady progress and at an advanced stage.Essel Group Statement
Sun Pharma's Shanghvi to Keep Suzlon Stake Despite Falling Value
Billionaire Dilip Shanghvi intends to stay invested in unprofitable wind-turbine maker Suzlon Energy Ltd. even though the company’s financial health has worsened over the last few years.
“If I look at outcome then clearly that investment hasn’t had a great outcome,” Shanghvi said in an interview in Mumbai in an interview to Bloomberg, adding that Suzlon has to solve its own challenges.
Shares of the wind energy developer fell as much as 3.2 percent o rs 6.15 in today’s session.
Neogen Chemicals Jumps Over 22% On Debut; Locked In Upper Circuit
Neogen Chemicals listed at a premium of 16.7 percent at Rs 251 per share on the National Stock Exchange, compared to its issue price of Rs 215 apiece. The stock was locked in the upper circuit thereafter as it rose 22.6 percent to Rs 263.55.
The healthcare services provider’s initial public offering was subscribed 41.2 times on the final day of bidding.
Vodafone Idea Slumps To Record Low
Shares of the country’s largest telecom operator slumped 5.7 percent intraday to Rs 14.70 apiece, its lowest on record since its listing in 2007.
Also, around 16.3 lakh shares changed hands in a single block in today’s trade on NSE, according toBloomberg data. Buyers and sellers were not known immediately.
The trading volume was over six times the 20-day average for this time of the day, Bloomberg data showed. The stock declined 60 percent in the past 12 months compared with a 8 percent gain in the Sensex.