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Zee Entertainment, Zomato, Medplus Health and other hot stocks on December 23

Nazara Tech, Zee Entertainment, Titan and hot stocks to watch on October 7

<ul><li><keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> saw its stock price fell 3% in today's trade on a letter from <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword> demanding an extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit.</li><li>Earlier this month, Invesco and Oppenheimer Funds had also asked for the removal of <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword>, the chief executive and managing director of Zee Entertainment, from the company’s board.</li><li>Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported.</li></ul>Zee Entertainment Enterprises Ltd. saw its shares fall 3% to ₹309 apiece on Monday morning as its largest shareholder, US-based Invesco Fund, has reportedly insisted that the board hold its extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit. The development, reported by <a href="https://www.bloomberg.com/news/articles/2021-09-26/invesco-renews-demand-for-zee-entertainment-board-reshuffle">Bloomberg</a> on Monday, said that Invesco and Oppenheimer Funds, in a September 23 letter, renewed their demand to convene an EGM to replace the board at Zee. A similar demand was made by Invesco on September 11. “A newly constituted board supported with the strength of independence will be best suited to evaluate and oversee the potential for strategic transactions,” according to the Sept. 23 letter from Aroon Balani, vice president of Invesco, as cited by Bloomberg. Earlier this month, the funds had also asked for the removal of Punit Goenka, the chief executive and managing director of Zee Entertainment, from the company’s board, citing issues with corporate governance at the firm. The letter also demanded removal of independent directors, Ashok Kurien and Manish Chokhani, who later resigned from the board. Despite Invesco’s letter, Zee went ahead and announced the company’s merger with Sony Pictures Networks India on September 22. Based on disclosures filed with exchanges, Sony will hold a majority stake of 52.93% in the merged entity and infuse growth capital of about $1.6 billion once the deal closes. Zee shareholders, post the deal, will hold the balance 47.07% in the merged entity. Since the deal announcement on September 22, the stock has fallen as much as 8% to ₹309 on Monday. <div type="image" title="zee ent." msid="86547179" hostid="261"></div> As part of the transaction, Goenka will continue to be the managing Director and chief executive of the company, it said. Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Tesla's 'Full Self Driving' Beta programme request button goes live</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Those who have held these stocks for a decade have only lost money</a>

Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal

<ul><li>The deal, announced in September last year, has received the <keyword id="139820" type="General" weightage="80" keywordseo="competition-commission" source="Orion">Competition Commission</keyword> of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s nod. </li><li>The deal remains subject to applicable regulatory and other approvals, <keyword id="353090" type="General" weightage="80" keywordseo="zeel" source="Orion">ZEEL</keyword> said.</li><li>The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and <keyword id="6358540" type="General" weightage="100" keywordseo="sony" source="Orion">Sony</keyword> LIV) and two film studios (<keyword id="3415325" type="General" weightage="50" keywordseo="zee-studios" source="Orion">Zee Studios</keyword> and Sony Pictures Films India). </li></ul> The Competition Commission on Tuesday gave its conditional approval to the mega-merger deal between Sony and <keyword id="6372205" type="General" weightage="80" keywordseo="zee" source="Orion">Zee</keyword> that will create one of the largest media groups in the country. The deal, announced in September last year, has received the Competition Commission of India's nod after the regulator accepted "voluntary remedies" proposed by the parties, sources close to the development said. In a tweet, the watchdog said it has cleared the deal with certain modifications. CCI said it has approved the "amalgamation of <keyword id="1417408" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-limited" source="Orion">Zee Entertainment Enterprises Limited</keyword> (ZEEL) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (<keyword id="55015" type="General" weightage="80" keywordseo="cme" source="Orion">CME</keyword>), with certain modifications". Details about the proposed modifications could not be immediately ascertained. CCI had issued show cause notices to the parties after it initially concluded that the deal could have an adverse impact on competition, the sources said. Subsequently, the parties proposed voluntary remedies, which have been accepted by the regulator, they added. ZEEL said CCI has granted the approval in phase-1 after evaluating the official legal and economic submissions made by the company. Most of the deals get cleared by CCI in phase-1 and only if there are serious concerns then the deal concerned is put up for public scrutiny under phase 2. "Considering the immense value which the proposed merger will generate for all its stakeholders, the company has offered the necessary remedies in accordance with the regulator's guidelines," ZEEL said, adding that further details are awaited. On September 7, the National Company Law Tribunal (NCLT) had advised the company to convene and conduct the meeting with its shareholders on October 14 to seek their approval for the proposed merger. The deal remains subject to applicable regulatory and other approvals, ZEEL said. In a separate statement, Sony Pictures Networks India said it is delighted to receive CCI approval for the merger. "We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future," it said. Culver Max Entertainment Private Limited was earlier known as Sony Pictures Networks India Pvt Ltd. Deals beyond certain thresholds require the approval of CCI, which keeps a tab on unfair business practices and also promotes fair competition in the marketplace. Both parties had entered into a definitive agreement for the deal in December last year and the proposed merger has already received approval from stock exchanges NSE and BSE. ZEEL, in September 2021, said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries. The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India, ZEEL said in September last year. Under the deal, there will be amalgamation of ZEE and BEPL with CME. Besides, preferential allotment of certain shares will be made by CME to Sunbright International Holdings Limited, earlier known as Essel Holdings Limited, and Sunbright Mauritius Investments Limited, according to a release issued by CCI. CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). CME has several general entertainment channels, film, sports and kids' entertainment channels in India. SonyLIV is CME's digital entertainment video service which provides OTT services in India and international markets. CME reaches out to over 700 million viewers in India and is available in 167 countries. BEPL is an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. It is broadly engaged in the acquisition of rights for motion pictures, events and other TV cont ent; and in generating advertising revenue from the telecast of TV content. ZEE is a media and entertainment company, with presence across the segments of broadcasting, digital content, movies, music and live entertainment, spread over 190 countries, as per the release. ZEE5 is the company's digital entertainment video service which provides OTT services in India and international markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-to-begin-beta-trial-of-5g-in-four-cities-on-dussehra-with-unlimited-data/articleshow/94645577.cms">Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/with-950-billionaires-asia-outnumbers-all-other-regions-forbes/articleshow/94644883.cms">With 950 billionaires, Asia outnumbers all other regions: Forbes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a>

Competition Commission gives conditional approval to Sony-Zee merger deal

<ul><li>The BSE Sensex was trading 0.57% higher at 38,746.09.</li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex jumped over 200 points in early trade on Wednesday tracking positive cues from global markets and foreign fund inflows. The BSE Sensex was trading 0.57% higher at 38,746.09; while Nifty50 was up 0.56% at 11,448.95. SBI was the top gainer in the Sensex pack, rising around 2%, followed by L&amp;T, M&amp;M, ICICI Bank, Sun Pharma, Axis Bank, ITC and Bajaj Auto. On the other hand, HCL Tech, Nestle India, Tata Steel, Kotak Bank, and Infosys were among the top losers. These are the top stocks that are buzzing the D-street today. SBI shares up over 2% during the initial trade hours <div type="image" title="SBI August 19" msid="77627266" hostid="261"></div> State Bank of India shares gained over 2% after news surfaced that SBI is raising up to ₹10,000 crore in a bond sale. According to <a href="https://economictimes.indiatimes.com/markets/bonds/sbi-to-raise-up-to-rs-10000-crore-through-issue-of-tier-ii-bonds/articleshow/77625108.cms">reports</a>, it is this year’s first bond sale by the country’s biggest mass-lender and is expected to draw large domestic institutional investors, such as state-owned LIC and EPFO. Zee Entertainment shares gained over 4% <div type="image" title="Zee Enter" msid="77627333" hostid="261"></div> Despite posting 94.3 % fall in its net profit to ₹30.4 crore, Zee Entertainment shares were up 4%. The company has appointed Subhash Chandra as Chairman Emeritus and R Gopalan as Chairman of the board. Brokerage house Emkay believes that consistency and delivery will win back trust, they maintain ‘Hold’ rating with target at ₹190. Kotak also believes that this is a step in the right direction, but few more needed for further re-rating. Yes Bank shares advance 5% <div type="image" title="Yes bank August 19" msid="77627813" hostid="261"></div> Yes Bank shares soared 5% after the private sector lender repaid the central bank’s ₹35,000 crore out of the ₹50,000 crore of Special Liquidity Facility. It also divested more than 8% stake worth over ₹75 crore in CG Power and Industrial Solutions through open market transactions. Indiabulls shares opened 2% higher <div type="image" title="Indiabulls" msid="77627848" hostid="261"></div> Indiabulls was up 2% during the early trade hours after the Bengaluru-based realty firm Embassy Group signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate Ltd (IBREL) and take control of the merged entity. Embassy Group already has around 14% stake in Mumbai-based IBREL, and the same will increase to 45% after the merger of assets of these two companies. RIL shares up 1% after Netmeds acquisition <div type="image" title="RIL August 19" msid="77627935" hostid="261"></div> Reliance Industries shares gained nearly 1% after its subsidiary Reliance Retail Ventures Limited (RRVL) had acquired a majority equity stake in Vitalic Health Pvt Ltd and its subsidiaries (collectively known as Netmeds) for a cash consideration of approximately ₹620 crore. ICICI gained 2% in initial trading <div type="image" title="ICICI Bank August 19" msid="77627981" hostid="261"></div> ICICI Bank shares soared 2% after the Chinese central bank, People’s Bank of China acquired a very small stake in ICICI Bank through the recently closed ₹ 15,000 crore share sale by the country’s second-largest private sector lender. Uflex shares gained 6% <div type="image" title="uflex August 19" msid="77628006" hostid="261"></div> The packaging materials and solution company Uflex shares touched 52-week high after it reported over two-fold jump in its consolidated net profit to ₹196.54 crore for the first quarter ended June 30 Dilip Buildcon shares gained 4% <div type="image" title="Dilip August 19" msid="77628035" hostid="261"></div> Dilip Buildcon shares gained 4% after the company said it has received a letter of acceptance (LoA) for a new project worth ₹1,334.95 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/ril-icici-bank-zee-ent-ruchi-soya-dixon-tech-cg-power-muthoot-finance-top-stocks-to-watch-today/slidelist/77625323.cms" data-type="tilCustomLink">Top stocks to watch today— RIL, ICICI Bank, Zee Ent, Ruchi Soya, Dixon Tech, CG Power, Muthoot Finance and more</a> <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms" data-type="tilCustomLink">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a>

Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more

Both the <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> and the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> surrendered early gains as traders refused to open fresh positions ahead of the weekend. The Nifty was trading flat at 8,326 points, while the Sensex was up 13 at 27,587 points by 11:46 A.M. In the broader market, the Advance-Decline Ratio was 1,283 vs 1,078. 
 
 
FUTURES AND OPTIONS 
 
 
TOP GAINERS 
Zee Ent 
Crompton Greaves 
Kotak Bank 
 
TOP LOSERS 
Jindal Steel <keyword id="6354924" type="PERSON" weightage="100" keywordseo="Idea-Cellular">Idea Cellular</keyword> <keyword id="6354287" type="CITY" weightage="100" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> 
 
TOP OI GAINERS 
TCS 
JSW Energy 
ONGC 
 
TOP OI LOSERS <keyword id="493723" type="COMPANY" weightage="100" keywordseo="Power-Fin-Corp">Power Fin Corp</keyword> 
Power Grid 
UCO Bank 
 
 
TOP TRADED FUTURES 
TCS 
Reliance Inds 
Yes Bank 
 
52-WEEK HIGHS 
Aurobindo Pharma <keyword id="6359432" type="PERSON" weightage="100" keywordseo="Britannia">Britannia</keyword> 
Huhtamaki Paper 
Avanti Feeds 
 
52-WEEK LOWS 
OIL India 
SAIL 
ONGC 
 
(Image credits: openmarkets)

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Zee Entertainment, Zomato, Medplus Health and other hot stocks on December 23

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Nazara Tech, Zee Entertainment, Titan and hot stocks to watch on October 7

Rounak Jain

Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal

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Competition Commission gives conditional approval to Sony-Zee merger deal

PTI

Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more

Navdeep Yadav

Have a look at these stocks that have the market buzzing

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