Update 3
Sensex crawls to positive zone
The BSE Sensex staged a smart recovery of close to 200-points from its day’s low of 13416.40 on strong buying demand, and is now back in the positive territory.
At 13:33 IST, Sensex was up 10.81 points at 13,625.33. It opened 81.08 points higher at 13,695.60 and advanced to hit an intra-day high of 13,725.67. But soon from here, it started declining, on intense selling pressure.
The total turnover on BSE amounted to Rs 2307 crore.Market breadth was negative, thought it had recovered from initial weakness, as buying resumed for small-cap and mid-cap stocks. On BSE, 1251 shares declined as compared to 1172 that advanced. 74 shares remained unchanged.Among the Sensex pack, 16 declined while the rest advanced.
PSU oil exploration major ONGC was the top gainer, up 4.30% to Rs 851.45 on high volumes of 6.95 lakh shares, following reports that it has made a huge gas find in the Bay of Bengal, with initial estimates suggesting reserves of about 21 trillion cubic feet. The stock had surged to a high of Rs 867.70 in early trade.
Zee Telefilms begins new inning
Demerged Zee Telefilms was trading at Rs 271.50 in afternoon trade, under a new name Zee Entertainment Enterprises, compared to Friday’s closing price of the combined entity at Rs 341.29.9 lakh shares changed hands in the counter on BSE.
The stock had surged ahead of the demerger. From Rs 292.05 on 16 October 2006, the scrip had surged to Rs 378.30 on 1 December. It had slipped to Rs 341 by 15 December – the last day of trading of the combined entity.
Zee Telefilms (ZTL) has formally demerged the company into three entities effective December 18, after it received Bombay High Court approval for the split. ZTL demerged its cable distribution subsidiary into Wire & Wireless India (WWIL) and its regional and news broadcasting undertaking into Zee News (ZNL). The company is also demerging its direct consumer business undertaking. Shareholders of ZTL would receive 45 shares of ZNL and 50 shares of WWIL for every 100 shares they hold in ZTL. Both companies would be listed independently. The listing is likely to take place in January 2007.
The company had earlier announced the book closure date from December 24 to 28, 2006, for determining eligibility for issuance of equity shares of demerged entities ZNL and WWIL. The company will announce a separate record date for the demerger of its direct consumer business into ASC Enterprises, which will be renamed as Dish TV India.Zee’s demerger scheme is aimed at unlocking shareholders’ value.
The BSE Sensex staged a smart recovery of close to 200-points from its day’s low of 13416.40 on strong buying demand, and is now back in the positive territory.
At 13:33 IST, Sensex was up 10.81 points at 13,625.33. It opened 81.08 points higher at 13,695.60 and advanced to hit an intra-day high of 13,725.67. But soon from here, it started declining, on intense selling pressure.
The total turnover on BSE amounted to Rs 2307 crore.Market breadth was negative, thought it had recovered from initial weakness, as buying resumed for small-cap and mid-cap stocks. On BSE, 1251 shares declined as compared to 1172 that advanced. 74 shares remained unchanged.Among the Sensex pack, 16 declined while the rest advanced.
PSU oil exploration major ONGC was the top gainer, up 4.30% to Rs 851.45 on high volumes of 6.95 lakh shares, following reports that it has made a huge gas find in the Bay of Bengal, with initial estimates suggesting reserves of about 21 trillion cubic feet. The stock had surged to a high of Rs 867.70 in early trade.
Zee Telefilms begins new inning
Demerged Zee Telefilms was trading at Rs 271.50 in afternoon trade, under a new name Zee Entertainment Enterprises, compared to Friday’s closing price of the combined entity at Rs 341.29.9 lakh shares changed hands in the counter on BSE.
The stock had surged ahead of the demerger. From Rs 292.05 on 16 October 2006, the scrip had surged to Rs 378.30 on 1 December. It had slipped to Rs 341 by 15 December – the last day of trading of the combined entity.
Zee Telefilms (ZTL) has formally demerged the company into three entities effective December 18, after it received Bombay High Court approval for the split. ZTL demerged its cable distribution subsidiary into Wire & Wireless India (WWIL) and its regional and news broadcasting undertaking into Zee News (ZNL). The company is also demerging its direct consumer business undertaking. Shareholders of ZTL would receive 45 shares of ZNL and 50 shares of WWIL for every 100 shares they hold in ZTL. Both companies would be listed independently. The listing is likely to take place in January 2007.
The company had earlier announced the book closure date from December 24 to 28, 2006, for determining eligibility for issuance of equity shares of demerged entities ZNL and WWIL. The company will announce a separate record date for the demerger of its direct consumer business into ASC Enterprises, which will be renamed as Dish TV India.Zee’s demerger scheme is aimed at unlocking shareholders’ value.
posted by SY at 2:01 PM
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