NDTV shares gain 4% & Today’s Market News

NDTV shares gain 4%

On August 18, shares of New Delhi Television surged by 4 percent as the Adani Group-owned broadcaster obtained approval from the Ministry of Information and Broadcasting to introduce four regional channels. The stock price of New Delhi Television rose by Rs 5.05 (2.29 percent) to reach Rs 226.05 on the NSE at 1pm. According to a statement submitted to the exchanges, the media organization revealed that it had been granted permission by the ministry to both uplink and downlink four news and current affairs channels, namely NDTV Rajasthan, NDTV Madhya Pradesh/Chhattisgarh, NDTV Gujarati, and NDTV Marathi. Additionally, the Indian English news broadcaster disclosed its plans to commence with the launch of NDTV Madhya Pradesh/Chhattisgarh on August 21.

Axis Bank rises 1%

On August 18, Axis Bank witnessed a nearly 1 percent surge in its shares following the endorsement of a new Executive Director for the bank. As of 12:33 pm, the Axis Bank stock demonstrated a 0.69 percent rise, trading at Rs 942.45 on the NSE. The Reserve Bank of India has sanctioned the appointment of Subrat Mohanty as the Executive Director of Axis Bank for a three-year tenure, starting from August 17, as indicated in a filing submitted to the BSE. Alongside this development, the bank has introduced two lending products, namely Kisan Credit Cards and MSME loans, with the aim of fostering growth.

Adani Transmission shares zoom 6%

On August 18, Adani Energy Solutions Limited (formerly Adani Transmission) experienced a 6 percent surge in its shares subsequent to its acquisition of a transmission company from Megha Engineering & Infrastructures Ltd. Adani Transmission revealed through a regulatory filing that it had finalized definitive agreements with Megha Engineering & Infrastructures Limited for the takeover of KPS 1 Transmission Limited. The acquired KPS1 Project encompasses the implementation of a 765 kV double circuit line named KPS1-Khavda PS GIS (KPS2) and the enhancement of Khavda PS1.

South Indian Bank jumps 8%

Early on August 18, South Indian Bank witnessed an almost 8 percent surge in its shares, attributed to the announcement of the appointment of a managing director and chief executive. By 10:35 am, the stock of South Indian Bank had risen by 7.86 percent to reach Rs 22.80 on the NSE. A notification to stock exchanges indicated that the Reserve Bank of India (RBI) had granted approval for the appointment of PR Seshadri as the MD of South Indian Bank, effective from October 1, for a tenure of three years. The RBI's endorsement was received on August 17, and subsequent to this approval, the bank's board is scheduled to convene to finalize his appointment.

Conclusion

In today's market, on August 18, 2023, the overall sentiment was negative as reflected by the closing numbers of major indices. The Nifty 50 closed at 19,310.20, down by 0.28%, while the Sensex closed at 64,948.66, down by 0.31%. The Nifty Bank closed at 43,851.10, showing a decline of 0.09%. This downward trend was largely driven by losses in the financial sector, particularly seen in the Nifty Bank index. The global market sentiment also played a role in the sell-off, with investors being cautious ahead of the anticipated US Federal Reserve's monetary policy decision later in the week, where an interest rate hike of 75 basis points is expected to counter inflation.

Amidst the market's weakness, there remains optimism among analysts that the Nifty 50 could potentially surpass its previous all-time high, which was reached on June 28, 2023, as the index currently hovers just below that mark.

Specifically, noteworthy movements in individual stocks were observed today. New Delhi Television (NDTV) shares surged by 4 percent following approval from the Ministry of Information and Broadcasting for launching four regional channels. NDTV's stock price rose to Rs 226.05 on the NSE. Similarly, Axis Bank's shares rose nearly 1 percent due to the appointment of a new Executive Director and the introduction of new lending products. Adani Energy Solutions Limited (formerly Adani Transmission) experienced a 6 percent jump in shares after acquiring a transmission company, and South Indian Bank shares jumped by almost 8 percent due to the announcement of a new managing director and chief executive.

Overall, today's market news underscores the dynamic nature of stock movements influenced by a range of factors, including corporate developments, regulatory approvals, and broader market trends.

Source - Moneycontrol