How did a stock manage to rally 40% in a day, considering 20% is the max upper circuit for a stock. Did something happen that broke this upper circuit? I heard about board room tussle and Jhunjhunwala's entry, but how does that account for a rally higher than upper circuit? He bought 50L shares and number of shares are 96 crore. Volume however for a particular day was high for the stock. Looks like 3-4 times higher volume than the highest volumes in last two years.
Zee’s original promoters had debt they had taken outside the main entertainment company. They had to bring in an outside PE fund to buy their stake to get out of that mess. The promoter holding got diluted a lot. The PE guy wants to replace the promoter family MD. Now they are trying to become too big by merging with another media major called Star India in an arrangement where they stay in control. The patriarch is connected to the ruling party, the only difference here is that the “Kendal” of the family actually is the MD.
Stocks In the Today’s News: Check out the companies making the biggest headlines before the Stock Market open
Results on October 22: Reliance Industries, HDFC Life Insurance Company, Yes Bank, Apollo Pipes, Bharat Seats, Crompton Greaves Consumer Electricals, Dodla Dairy, Federal Bank, Gland Pharma, Hindustan Zinc, Inox Leisure, Jubilant Pharmova, Kajaria Ceramics, Kirloskar Ferrous Industries, Kwality Pharmaceuticals, Mahindra Holidays & Resorts India, Omkar Speciality Chemicals, Polycab India, ABB Power Products and Systems India, PVR, Steel Strips Wheels, Subros, Sundaram-Clayton, Supreme Industries, Tata Consumer Products, Tata Elxsi, and Zenotech Laboratories will release their September quarter earnings on October 22.
Zee Entertainment: The Bombay High Court on October 21 asked Zee Entertainment Enterprises Ltd to call an extraordinary general meeting (EGM) as requisitioned by shareholders Invesco Developing Market Funds and OFI Global China Fund.
Reliance Industries: Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 percent of votes cast against the proposal. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Wipro: The company received order from National Grid for data centre consolidation.
LIC Housing Finance: The company reported lower profit at Rs 247.86 crore in Q2FY22 against Rs 790.90 crore in Q2FY21, revenue fell to Rs 4,708.01 crore from Rs 4,969.03 crore YoY.
ICICI Lombard General Insurance Company: The company reported higher profit at Rs 446.67 crore in Q2FY22 against Rs 415.74 crore in Q2FY21, total income jumped to Rs 3,808.16 crore from Rs 2,883.40 crore YoY.
TVS Motor Company: The company reported sharply higher profit at Rs 277.6 crore in Q2FY22 against Rs 196.3 crore in Q2FY21, revenue jumped to Rs 5,619.4 crore from Rs 4,605.5 crore YoY.
South Indian Bank: The bank posted loss at Rs 187.06 crore in Q2FY22 against profit of Rs 65.09 crore in Q2FY21, net interest income fell to Rs 527.15 crore from Rs 663.11 crore YoY. Indian Energy Exchange: The company reported higher consolidated profit at Rs 77.72 crore in Q2FY22 against Rs 44.33 crore in Q2FY21, revenue jumped to Rs 110.37 crore from Rs 70.91 crore YoY. The company recommended the bonus issue of equity shares in the proport
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Insider trading is not new in the stock market. SEBI is always on the watch and keeps an eye on all insider trading cases. One such situation that happened today remains to be absurd. A week back, Rakesh Jhunjhunwala’s company Rare Enterprises bought 50 lakh shares of Zee Entertainment at Rs 220.40/per share. The surprising part arrived when the stock rose over 30% after the company announced its merger with Sony Pictures Network India (SPNI). This means Jhunjhunwala made a whopping profit of about Rs. 67 crore from this investment.
This incident particularly has made the investor community doubtful. Some believe that this is the result of a possible insider trading practice. Rumours roamed on Twitter as well where investors accused Jhunjhunwala of insider trading. However, there has been no confirmation by the media or SEBI on this matter.
One point to note is that earlier this year, Rakesh Jhunjhunwala and his wife Rekha, and 8 others were linked to an insider trading probe where SEBI alleged that Rakesh and his family members traded in the shares of Aptech. Utpal Sheth, CEO of Rare Enterprises settled the case, and he is a director of Aptech. The matter was settled with SEBI with a fine of Rs 37 crore. This has further raised investors' eyebrows of what happened today and hence Rakesh Jhunjhunwala is facing the brunt of accusations.
