Stocks to Watch: Zee Entertainment, Jio Financial, NBCC, Vedanta, PowerGrid

Stocks to watch on September 6, 2023: Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment

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SI Reporter New Delhi

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Equity markets are looking to start muted on Wednesday amid tepid cues from global markets. At 7:20 AM, Gift Nifty was quoting at 19,666, up 15 points from Nifty Futures' last close.

Elsewhere in Asia, Australia's ASX fell 0.4 per cent, South Korea's Kospi slipped 0.25 per cent, and Hong Kong's Hang Seng shed 1 per cent. Japan's Nikkei, however, was up 0.5 per cent.

Overnight, the Dow Jones Industrial Average lost 0.56 per cent, while the S&P 500 dropped 0.42 per cent in the US The Nasdaq Composite also edged down 0.08 per cent.

Here are some stocks to watch: 

Jio Financial Services: JFS will be removed from the NSE Indices, including the Nifty50, from September 7, as the stock has not hit the price band on two consecutive trading days on September 4 and September 5 on the NSE. Even if Jio Financial Services hits the price band on September 6, the exclusion will not be deferred further, the exchange said. Along with Nifty50, the stock will be excluded from Nifty 100, Nifty 200, Nifty 500, Nifty Energy, Nifty India Manufacturing and 13 other indices.

Zee Entertainment: Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.

NBCC (India): The state-owned construction company has signed MoU with Kerala State Housing Board, for development of 17.9 acres land parcel of the board in Kochi. The project value is Rs 2,000 crore.

Union Bank of India & Bank of Baroda: Indian Renewable Energy Development Agency (IREDA) has signed Memorandums of Understanding (MoUs) with Union Bank of India and Bank of Baroda, to co-finance renewable energy projects, including both established and emerging RE technologies.
Power Grid Corporation of India: The state-run electric services company has won the inter-state transmission system project on build, own, operate and transfer (BOOT) basis in Rajasthan. It will build the transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part H.

HDFC Asset Management Company: Amaresh Jena has resigned as Head – Marketing of the asset management firm, with effect from September 8. Amaresh resigned on account of unavoidable personal reasons and exigencies.
Nila Infrastructures: The company has received work for construction of 1,694 residential flats in Wadaj, Ahmedabad, from Shree Infracon. The construction work is expected to be executed within 18 months.

Vedanta: Zambia Government has agreed to return ownership of Konkola Copper Mines (KCM) to billionaire Anil Agarwal-owned Vedanta Resources, reports CNBC-TV18. Konkola Copper Mines assets have reserves of 16 million tonnes of contained copper.
GTL Infrastructure: The board members have appointed Sunali Chaudhry as an Additional Director of the company with effect from September 5. Her appointment is subject to the approval of the shareholders of the company.

FCS Software Solutions: The board members approved the appointment of Ravinder Sachdeva as an additional director of the company designated as Whole Time Director for five years effective from August 29. They also approved the appointment of Neelam Sharma as an additional director, designated as Non-Executive Director with effect from August 29.
Sahaj Fashions: The garment fabric maker will debut on the NSE Emerge on September 6. The issue price is Rs 30 per share. The stock will be available for trading in the trade-for-trade segment.
Bikaji Foods International: Lighthouse India Fund III has offloaded 32.42 lakh equity shares or 1.3 per cent stake in the ethnic snacks company, via open market transactions at an average price of Rs 480 per share. Foreign company Lighthouse India held 2.7 per cent stake in Bikaji as of June 2023. However, Plutus Wealth Management LLP has bought 13.5 lakh shares in the company at an average price of Rs 480.11 per share.

First Published: Sep 06 2023 | 08:15 AM IST

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