Latest Stock Market News

The Mumbai Bench of the National Company Law Tribunal (NCLT) on Wednesday admitted an insolvency petition media company Zee Entertainment Enterprises filed by its financial creditor IndusInd Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC).

The stock traded at a P/E multiple of 9.58, while the price-to-book value ratio stood at 1.06.

As of 31-Dec-2022, promoters held 51.36 per cent stake in the company, while FIIs held 12.27 per cent and domestic institutional investors had 3.64 per cent.

The Securities and Exchange Board of India has allowed stock exchanges to extend trading in the derivatives segment till 11:55 PM and in the cash segment till 5:00 PM. The National Stock Exchange is in discussion to extend trading hours.

The Nifty IT index was trading 0.57 per cent up at 30782.65.

A total of 15,373 shares changed hands on the counter till 11:38AM (IST)

“I still believe that the bias on the markets will remain positive because the underlying growth in the economy and outlook for earnings remains fairly stable and healthy. Probably it is one such phase where markets are sideways and probably will continue to remain so for the next few months.”

Options data suggests a broader trading range between 17350 to 17750 zones due to a spike in the volatility index,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services.

The stock has given a trendline breakout.

From the Sensex pack, Asian Paints, Bajaj Finance, NTPC, IndusInd Bank, Titan, and Reliance were opened with cuts. Meanwhile, HCL Tech, Tata Steel, TCS, L&T, and Wipro opened with gains.