Markets traded with heightened volatility on Wednesday and ended marginally lower amid mixed cues. Technically, the Nifty continues to face selling pressure on every rise despite the recent strength in the banking pack. The key hurdle remains intact around the 20-day EMA zone near 23,550. Analysts believe lingering geopolitical tensions and persistent foreign fund outflows are keeping market participants cautious, and a meaningful relief rally may remain elusive in the near term.
In today's trade, shares of Lenskart, PFC, RIL, Hindustan Zinc and Tata Consumer among others will be in focus due to various news developments.
Lenskart
Abu Dhabi Investment Authority (ADIA) is looking to pare its stake in eyewear retailer Lenskart through a block deal worth up to Rs 1,944 crore, just days after SoftBank sold shares worth nearly Rs 2,873 crore in the company. According to the deal terms accessed by ET, Platinum Jasmine A 2018 Trust, an investment vehicle of ADIA, is offering up to 4 crore shares, representing around 2.3% of Lenskart's outstanding equity, through a secondary market transaction.
Tata Consumer
Tata Consumer Products Ltd (TCPL) expects profitability to steadily improve as newer businesses gain scale, with the company targeting an EBITDA margin of more than 20% over the long term, according to Tata Sons chairman N Chandrasekaran.
RIL
A consortium led by Reliance Industries’ subsidiary Reliance 4IR Realty Development, along with Mahadev Realtors Juhu, a subsidiary of Aspect Realty, has emerged as the successful bidder for the redevelopment of the 101.36-acre Juhu Galli slum cluster in Mumbai suburb Andheri (West), one of the largest slum cluster redevelopment projects undertaken in Mumbai.
PFC
The President has approved the merger of REC Ltd with Power Finance Corporation, nearly seven years after PFC acquired the government's majority stake in REC. In March 2019, state-owned PFC completed the acquisition of the government's majority stake of 52.63 per cent in REC Ltd for Rs 14,500 crore.
ZEE
Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said its board has approved a plan to raise a minimum of Rs 2,300 crore in one or more phases to fund strategic and business initiatives, as the broadcaster looks to strengthen its balance sheet and expand into newer growth areas.
Rajesh Exports
Bengaluru-based gold jewellery firm Rajesh Exports Ltd, which is under regulator Sebi's scanner over suspected revenue inflation of up to Rs 15.15 lakh crore for the 2020-21 to 2024-25 period, on Wednesday said it will fully cooperate with the fresh forensic audit ordered by the market watchdog and not challenge the interim order.
Hyundai India
Hyundai Motor India said on Wednesday that its Chennai plant is gradually returning to normal operations after a fire at a key supplier's facility disrupted the supply of automotive parts earlier this month.
Hindustan Zinc
Vedanta group firm Hindustan Zinc on Wednesday said it has signed a pact with Sulfozyme Agro India under its Zinc Industrial Park initiative to advance sustainable metal recovery. Under the collaboration, Sulfozyme Agro will set up its proposed operations at the Zinc Industrial Park, focused on processing zinc-based materials into value-added products for industrial and downstream applications.
