Vodafone stock jumps 3% & More on Today’s Market

Zen Technologies gains on winning Rs 72.29-crore order

On the morning of August 31, Zen Technologies Limited witnessed a 2 percent increase in its shares following an announcement by the drone solutions company that it had secured a significant order worth Rs 72.29 crore from the defense ministry. Renowned for its military training and anti-drone solutions, Zen Technologies views this order as a stride forward in realizing the government's Simulators Framework introduced in September 2021. Anticipating positive impacts on training outcomes, cost efficiency, and environmental sustainability, Ashok Atluri, the chairman and managing director, expressed his outlook. Additionally, in the first quarter of the fiscal year 2023-24, Zen Technologies achieved an impressive 532 percent surge in net profit, reaching Rs 47.08 crore from the preceding year's Rs 7.4 crore, while also confirming fresh orders totaling Rs 202 crore.

Vodafone stock jumps 3%

In the early trading hours of August 31, the shares of Vodafone Idea Limited experienced a 3 percent upswing, reaching Rs 9.35. This increase follows reports that the financially challenged telecommunications firm is actively investigating various technologies to lower the expenses associated with establishing its forthcoming 5G network. The company has embarked on proof of concepts (PoC) collaborations with Samsung for openRAN, as well as with Mavenir, a telecommunications software company headquartered in the US, to explore VRAN technologies.

Zee Entertainment share drops 1%

Zee Entertainment's shares faced a nearly 1 percent decline during trading on August 31, following news that Quant Mutual Fund had divested 0.5 percent of its stake in the media company. By 11:51 am, the Zee Entertainment stock had exhibited a 0.43 percent decrease, trading at Rs 265.05 on the NSE. The specifics of the stake sale include Quant Mutual Fund's offloading of 48.15 lakh equity shares of Zee Entertainment Enterprises through open market transactions, achieving an average share price of Rs 266.61 and totaling a sale value of Rs 128.38 crore.

NTPC to invest Rs 15,530 crore

On August 31, the shares of NTPC exhibited stability as the government-owned thermal power producer revealed its intention to invest Rs 15,530 crore towards enhancing the capacity of the Lara Super Thermal Power Project situated in Chhattisgarh. Through a regulatory filing, the company informed that its board of directors has granted approval for the investment in Stage-II (2x800 MW) of the Lara Super Thermal Power Project.

Conclusion

In conclusion, today's market update reflects a mixed day for the Indian stock market. The benchmark indices, Sensex and Nifty 50, closed with modest losses, down 0.56% and 0.32%, respectively, while the Nifty Bank also experienced a decline of 0.38%. The broader market followed suit, with the BSE Midcap and Smallcap indices both recording losses of 0.85% and 0.24%, respectively. In individual company news, Zen Technologies Limited observed a 2 percent increase in its shares due to a significant defense ministry order, Vodafone Idea Limited's stock jumped by 3 percent as the company explored cost-saving technologies for its 5G network, Zee Entertainment's shares dropped by almost 1 percent following a stake sale, and NTPC announced its plans to invest in capacity expansion. These developments underscore the dynamic nature of the Indian stock market, influenced by a variety of factors ranging from corporate performance to market sentiment.

Source - Moneycontrol