Update 2
Market in damage-control mode
Volatility gripped the bourses in afternoon trade, when the Sensex managed to recover after tumbling over 500 points.At 13:05 IST the Sensex was down 397 points, at 13,402. It was up from a low of 13,261.73, an intra-day deficit of 537.76 points at 12.59 IST.The BSE clocked a turnover of Rs 3,005 crore.
RBI’s surprise hike in cash reserve ratio (CRR), and data showing heavy FII sales in the futures segment on Friday (8 December), weighed on the bourses. Domestic bourses moved in contrast to a steady-to-firm trend in Asian markets, and inspite of a fall in crude oil price.
FIIs were net sellers to the tune of Rs 1,087 crore in index-based futures on 8 December – the day when the Sensex lost 173 points. They were net sellers to the tune of about Rs 106 crore in individual stock futures that day. As per provisional data, FIIs were net sellers to the tune of Rs 106 crore in the cash segment the same day.
Meanwhile, NSE data showed that the IPO of Cairn India had received bids for 95,130 shares compared to a total issue size of 32.8 crore shares by 12:00 IST. The IPO opened for subscription today.
The fight went out of ONGC and Infosys, which had managed to hold positive zone, in afternoon trade. Infosys was down 1.2% to Rs 2,170 and ONGC was down 0.6% to Rs 835. Earlier, Infosys had held firm because of its includsion in the Nasdaq 100 index.
Zee Telefilms cuts a sorry picture
Zee Telefilms plunged 5.85% to Rs 326.50, after rival ESPN-Star Sports won the telecast rights for ICC matches for eight years.The stock had plunged to an intra-day low of Rs 322.25, on a volume of 8.83 lakh shares on BSE.The stock witnessed a sustained fall in the past under intense selling pressure. From Rs 373.25 on 30 November, it has declined steadily to Rs 346.80 by 8 December, as selling continued.
The rights for ICC matches come into effect from September 2007 with the 20-20 World Cup," R C Venkateish, Managing Director, ESPN Star India, said. The company has retained the rights for eight years, from 2007.
The exact valuation of the deal was not disclosed. However, industry sources, put ESPN Star's bid at $1.1 billion, followed by Nimbus at $900 million, Zee ($850 million) and Ten Sports ($825 millon).
Besides the 2011 and 2015 World Cups, the rights will cover major tournaments under the ICC umbrella such as the Champion's Trophy in 2008, 2010, 2012 and 2014, Twenty-20 World Cup, Women's World Cup and Intercontinental Cup.
ICC's existing telecast rights are held by Global Cricket Corporation (GCC), the term scheduled to expire after the 2007 World Cup in the Caribbean islands. GCC had bagged the rights for $532 million.Earlier, the Board for Control of Cricket in India (BCCI) had said it will also bid for the rights, only to pull out later.The BCCI decision to pull out was taken at the ICC's executive board meeting in Mumbai, recently.
Zee Telefilms acquired 50% stake in Taj Television India, Mumbai, a distribution arm of Ten Sports in India. The investment is based on an enterprise value of $ 114 million (approx Rs 513 crore). The acquisition will be completed in two parts. Zee Sports International Mauritius, a wholly-owned subsidiary of Asia Today, Mauritius, which in turn is a wholly-owned subsidiary of Zee Telefilms, will acquire 50% stake in Taj TV, Mauritius, which owns Ten Sports, from Taj TV’s shareholders.
Over the past few months, Zee has been focussing on its flagship Hindi entertainment channel, Zee TV, by launching new soaps, musicals and comedy shows.Zee Telefilms had reported 51% fall in net profit to Rs 10.99 crore for Q2 September 2006, compared to Rs 22.42 crore in Q2 September 2005. Net sales rose 52% to Rs 287.42 crore (Rs 189.03 crore).
Reliance Comm droops
Reliance Communications plunged 5.88% to Rs 421, following a mass deal in the counter on BSE.A deal of 74.85 lakh shares was struck in the counter on BSE at Rs 438.65 per share at 11:22 hours. This constitutes 1.46% of the company’s share capital of Rs 1,022.31 crore, with a face value of Rs 5 per share.The counter clocked 84.39 lakh shares on BSE.
Strong growth in new subscriptions, robust Q2 results and reports that the government will free up more frequencies for cellular telephony, has triggered a solid rally in the Reliance Communications counter of late. From Rs 194.70 on 8 June, it surged a whopping 102.49% to Rs 447.30 by 8 December, due to sustained buying.
The company announced a record 1.35 million net subscriber additions on its wireless network, the highest across all telecom operators during November. Reliance Communications' subscriber list has crossed 3 million in Uttar Pradesh (East) and Uttar Pradesh (West).
Volatility gripped the bourses in afternoon trade, when the Sensex managed to recover after tumbling over 500 points.At 13:05 IST the Sensex was down 397 points, at 13,402. It was up from a low of 13,261.73, an intra-day deficit of 537.76 points at 12.59 IST.The BSE clocked a turnover of Rs 3,005 crore.
RBI’s surprise hike in cash reserve ratio (CRR), and data showing heavy FII sales in the futures segment on Friday (8 December), weighed on the bourses. Domestic bourses moved in contrast to a steady-to-firm trend in Asian markets, and inspite of a fall in crude oil price.
FIIs were net sellers to the tune of Rs 1,087 crore in index-based futures on 8 December – the day when the Sensex lost 173 points. They were net sellers to the tune of about Rs 106 crore in individual stock futures that day. As per provisional data, FIIs were net sellers to the tune of Rs 106 crore in the cash segment the same day.
Meanwhile, NSE data showed that the IPO of Cairn India had received bids for 95,130 shares compared to a total issue size of 32.8 crore shares by 12:00 IST. The IPO opened for subscription today.
The fight went out of ONGC and Infosys, which had managed to hold positive zone, in afternoon trade. Infosys was down 1.2% to Rs 2,170 and ONGC was down 0.6% to Rs 835. Earlier, Infosys had held firm because of its includsion in the Nasdaq 100 index.
Zee Telefilms cuts a sorry picture
Zee Telefilms plunged 5.85% to Rs 326.50, after rival ESPN-Star Sports won the telecast rights for ICC matches for eight years.The stock had plunged to an intra-day low of Rs 322.25, on a volume of 8.83 lakh shares on BSE.The stock witnessed a sustained fall in the past under intense selling pressure. From Rs 373.25 on 30 November, it has declined steadily to Rs 346.80 by 8 December, as selling continued.
The rights for ICC matches come into effect from September 2007 with the 20-20 World Cup," R C Venkateish, Managing Director, ESPN Star India, said. The company has retained the rights for eight years, from 2007.
The exact valuation of the deal was not disclosed. However, industry sources, put ESPN Star's bid at $1.1 billion, followed by Nimbus at $900 million, Zee ($850 million) and Ten Sports ($825 millon).
Besides the 2011 and 2015 World Cups, the rights will cover major tournaments under the ICC umbrella such as the Champion's Trophy in 2008, 2010, 2012 and 2014, Twenty-20 World Cup, Women's World Cup and Intercontinental Cup.
ICC's existing telecast rights are held by Global Cricket Corporation (GCC), the term scheduled to expire after the 2007 World Cup in the Caribbean islands. GCC had bagged the rights for $532 million.Earlier, the Board for Control of Cricket in India (BCCI) had said it will also bid for the rights, only to pull out later.The BCCI decision to pull out was taken at the ICC's executive board meeting in Mumbai, recently.
Zee Telefilms acquired 50% stake in Taj Television India, Mumbai, a distribution arm of Ten Sports in India. The investment is based on an enterprise value of $ 114 million (approx Rs 513 crore). The acquisition will be completed in two parts. Zee Sports International Mauritius, a wholly-owned subsidiary of Asia Today, Mauritius, which in turn is a wholly-owned subsidiary of Zee Telefilms, will acquire 50% stake in Taj TV, Mauritius, which owns Ten Sports, from Taj TV’s shareholders.
Over the past few months, Zee has been focussing on its flagship Hindi entertainment channel, Zee TV, by launching new soaps, musicals and comedy shows.Zee Telefilms had reported 51% fall in net profit to Rs 10.99 crore for Q2 September 2006, compared to Rs 22.42 crore in Q2 September 2005. Net sales rose 52% to Rs 287.42 crore (Rs 189.03 crore).
Reliance Comm droops
Reliance Communications plunged 5.88% to Rs 421, following a mass deal in the counter on BSE.A deal of 74.85 lakh shares was struck in the counter on BSE at Rs 438.65 per share at 11:22 hours. This constitutes 1.46% of the company’s share capital of Rs 1,022.31 crore, with a face value of Rs 5 per share.The counter clocked 84.39 lakh shares on BSE.
Strong growth in new subscriptions, robust Q2 results and reports that the government will free up more frequencies for cellular telephony, has triggered a solid rally in the Reliance Communications counter of late. From Rs 194.70 on 8 June, it surged a whopping 102.49% to Rs 447.30 by 8 December, due to sustained buying.
The company announced a record 1.35 million net subscriber additions on its wireless network, the highest across all telecom operators during November. Reliance Communications' subscriber list has crossed 3 million in Uttar Pradesh (East) and Uttar Pradesh (West).
posted by SY at 2:15 PM
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