Shares come of the days high; media stocks in demand

6 Oct 2022 , 11:29 AM

The key equity barometers came off the days high in mid-morning trade. The Nifty traded tad above the 17,350 mark. Media shares rose for second day in a row. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 291.64 points or 0.50% to 58,357.11. The Nifty 50 index added 80.90 points or 0.47% to 17,355.20. In the broader market, the S&P BSE Mid-Cap index rose 1.04% while the S&P BSE Small-Cap index gained 1.37%. The market breadth was strong. On the BSE, 2364 shares rose and 906 shares fell. A total of 137 shares were unchanged. Primary Market: The initial public offer (IPO) of Electronics Mart India received bids for 18.80 crore shares as against 6.25 crore shares on offer, according to stock exchange data 11:21 IST on Thursday (06 October 2022). The issue was subscribed 3.01 times. The issue opened for bidding on Tuesday (04 October 2022) and it will close on Friday (07 October 2022). The price band of the IPO is fixed at Rs 56-59 per share. An investor can bid for a minimum of 254 equity shares and in multiples thereof. The issue comprises only fresh issue of equity shares aggregating to Rs 500 crore. Of the net proceeds about Rs 111.441 crore towards funding of capital expenditure (largely opening of stores and warehouses); Rs 220 crore towards funding incremental working capital requirements and Rs 55 crore towards repayment / prepayment of certain borrowings in part or full. Buzzing Index: The Nifty Media index rose 2.83% to 2,154.80. The index has gained 5.67% in two sessions. PVR (up 2.87%), Nazara Technologies (up 2.84%), TV18 Broadcast (up 2.48%) and Inox Leisure (up 2.36%) were the top index gainers. Among the other gainers were Hathway Cable & Datacom (up 2.16%), Network 18 Media & Investments (up 1.52%), Dish TV India (up 0.85%), Saregama India (up 0.69%) and Sun TV Network (up 0.61%). Zee Entertainment Enterprises jumped 5.65%. The Competition Commission of India (CCI) approved the merger of Zee Entertainment Enterprises with Sony Pictures Networks India and Bangla Entertainment, both part of the Sony Group Corp., accepting the modifications proposed by the companies to the deal they had announced last December. CCI granted approval with certain modifications to the proposed merger of Zee Entertainment Enterprises (ZEE) and Bangla Entertainment (BEPL) with Culver Max Entertainment (CME), formerly known as Sony Pictures Networks India. Global Markets: Asian stocks traded mostly higher on Thursday after Wall Streets two-day rally fizzled. Mainland China markets are closed for a holiday this week. Wall Street stocks closed lower on Wednesday after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing and likely recession. The U.S. trade deficit fell slightly more than expected in August to its lowest level in more than a year, the Bureau of Economic Analysis reported Wednesday. The trade shortfall declined to $67.4 billion, a $3.1 billion drop from the previous month. In March 2022, the deficit had hit a record $106.9 billion. Powered by Capital Market – Live News