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TOP CORPORATE NEWS – 07 October 2019

Corporate-News

ZEEL shares end ~6% higher after plunging 14% in today’s session.

Zee Entertainment Enterprises Ltd. (ZEEL) shares ended higher by ~6% after plunging 14% intraday. The company’s shares rebounded after a sharp fall amid a rise in promoters’ total pledge to 90% along with a loan liability of Rs7,000cr.In an investor call on October 5, 2019, ZEE Managing Director and Chief Executive Officer Punit Goenka said that over 90% of the promoters’ 22% shareholding in the company is pledged with financial institutions.

European, Asian stocks down ahead of US-China trade talks.

European markets are trading lower today with France’s CAC 40 down 0.18%, Germany’s DAX down 0.10%, and London’s FTSE 100 down by 0.06%. Asian markets also ended down with the Hang Seng falling 1.11%, China’s Shanghai Composite off 0.92%, and Japan’s Nikkei 225 down by 0.16%.

Markets continue to drift lower; Pharma stocks nosedive.

Indian equity markets traded with a negative bias, witnessing a selling pressure in the closing hour of the trade as across the board short selling weighed in. Nifty index underperformed the Bank Nifty index by ~0.5% as sharp sell-off was witnessed in major Pharma companies. Stocks like Aurobindo Pharma plummeted 19% at close with an addition of heavy open interest, hinting a build-up of short positions. Nifty Pharma index was the biggest underperformer, closing ~3.35% lower.

Reliance Mutual Fund renamed Nippon India Mutual Fund.

Nippon Life Insurance, Japan largest Life Insurance company and a global financial services conglomerate today announced the integration of Nippon India Mutual Fund (erstwhile Reliance Mutual Fund) into their global unified Asset management fold, by becoming the single largest shareholder in the company. Change in Reliance Nippon Life Asset Management (RNAM) name will follow soon. Nippon Life Insurance, a 130-year-old financial services conglomerate with significant global presence has over $700bn in AUM, which is more than the size of the Indian Asset management Industry and currently holds 75% shareholding in the company.

JSW Energy enters into exclusive discussions with GMR Energy; stock up ~3%.

JSW Energy Limited, through a press release, has informed the exchanges that it has entered into exclusive discussions with GMR Energy Limited for potential acquisition of its subsidiary, GMR Kamalanga Energy Limited, which owns and operates a 1050 MW thermal power plant in Odisha. Both Parties intend to conclude these discussions in an expeditious manner. JSW Energy Ltd is currently trading at Rs60.45 up by Rs1.1 or 1.85% from its previous closing of Rs59.35 on the BSE.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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