Indian share markets recovered early losses in the post-noon trading session and are trading positive. Majority of the sectoral indices are trading in the red with FMCG and pharma being the biggest losers. Metal and banking are among the few stocks trading positive.
Energy stocks are trading mixed with Gujarat State Petronet and Oil and Natural Gas Corporation Ltd (ONGC) being the biggest gainers whereas Cairn India and Chennai Petroleum are trading in the red. As per a leading financial daily, ONGC has made a new discovery in Cauvery basin. The block is jointly held by ONGC and Bharat Petroresources Ltd (BPRL), the upstream subsidiary of Bharat Peroleum Corporation Ltd (BPCL) in the ratio of 60:40. The exploration well showed that natural gas in the block flowed at the rate of 61,800 cubic meters per day and the presence of condensate at the rate of 9.6 cubic meters per day. This is the second hydrocarbon discovery made by ONGC in NELP-IV block. ONGC stock is trading up 1.8%.
Majority of the media stocks are trading negative with Broadcast Initiatives and Compact Disc being the biggest losers whereas Sun TV and Balaji Telefilms are among the few stocks trading in the green. As per a leading daily, leading media company Jagran Prakashan has acquired Music Broadcast Pvt Ltd in all-cash deal. Music Broadcast Pvt Ltd runs the popular Radio City FM stations. As per the company the deal will catapult it to a leadership position in radio industry and benefit it from rapid growth in radio advertising. The acquisition will be funded through internal accruals and investments. Radio City operates 20 FM stations in seven states and is present in Delhi, Mumbai, Bengaluru and Lucknow with a subscriber base of 10.8 m. Jagran Prakashan stock is trading down 2.3%.