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Markets will remain closed on May 13, 2021 on account of Id-Ul-Fitr (Ramzan Id).

IT Stocks Lead the Losses
Thu, 7 Apr 01:30 pm

Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading in the red with stocks from the capital goods, consumer durables and IT sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 136 points (down 0.5%) and the NSE Nifty is trading down by 34 points (down 0.5%). Both BSE Mid Cap and the BSE Small Cap indices are trading in the green, up by 0.2% each. Gold prices, per 10 grams, are trading at Rs 28,705 levels. Silver price, per kilogram, is trading at Rs 36,020 levels. Crude oil is trading at Rs 2,526 per barrel. The rupee is trading at 66.51 to the US$.

Media stocks are trading on a mixed note with Balaji Telefilms leading the gains and Compact Disc leading the losses. As per a leading financial daily, Zee Entertainment Enterprises (ZEEL) has launched its Bollywood channel - 'Zee Sine' in the Philippines market.

This makes ZEEL the first Indian company to foray into the Philippines with a third dedicated Bollywood channel. The channel is a Bollywood movie channel for the local Filipino audience. It is a 24X7 channel customised and packaged for the local audience and will feature Hindi film from ZEEL's library.

It shall be noted that the company had earlier launched two Bollywood channels Zee Bioskop in Indonesia and Zee Nung in Thailand in APAC region.

Also, the company has announced that it will expand its operations to Germany to launch a free-to-air TV channel by mid - 2016. This new channel will be showing Bollywood movies, Indian series, entertainment and general interest programmes. The core target groups are women between 19 and 59 years of age. The 24-hour service aims for distribution on all major cable and satellite platforms.

Zee Entertainment Enterprises is one of India's leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world, with an extensive library housing over 120,000 hours of television content. The company, in its results for the quarter ended December, posted 17% YoY increase in income to Rs 15.9 billion. This rise was mainly driven by higher advertisement revenue, which grew 27% on a YoY basis. However, a sharp increase in tax expenses, which were up by 51% YoY, and a fall in other income weighed on profits. To know our view on the stock of the company, you can read the entire result analysis report here (subscription required).

Presently the stock of Zee Entertainment Enterprises is trading flat on the BSE.

Stocks in the engineering space are also trading mixed with Praj Industries and Suzlon Energy leading the gains.

In another news update, Larsen & Toubro's (L&T) construction arm - L&T Constructions has won orders worth Rs 21 billion across its various businesses.

It was reported that under transportation infrastructure business, the company has bagged a new engineering, procurement and construction (EPC) order worth Rs 8 billion from the National Highways Authority of India (NHAI).

Further, under smart world & communication business, the company has received orders worth Rs 7.6 billion which involve design and implementation of safe cities using integrated security systems and intelligent Et integrated traffic management systems.

Under other business, the company has won additional orders worth Rs 5 billion from various ongoing jobs of power transmission & distribution and buildings & factories businesses.

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The company addresses critical needs in key sectors - Hydrocarbon, Infrastructure, Power, Process Industries and Defense - for customers in over 30 countries around the world. To get more idea on the business and financials of the company, you can read our issue of ValuePro Contenders here (subscription required).

Presently the stock of L&T is trading down by 1.5%.

By the way, April 2016 is a very special month for us at Equitymaster. We complete 20 years of service to millions of readers and subscribers.

And that's why we're in a celebratory mood.

Not only are we celebrating the success of The Equitymaster Way but also our success in earning the trust of subscribers who've been with us throughout this two-decade journey. And as the countdown to our anniversary begins, we would like to invite you to share some of your experiences with us over the years. You can do the same by posting your experiences here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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May 12, 2021 (Close)