Zee’s Spent A Fortune for Failed Sony Merger
Zee Entertainment Enterprises (ZEEL) incurred significant expenses totaling ₹366.59 crore in compliance costs for its ultimately unsuccessful merger with Sony.
The deal, valued at $10 billion, was terminated by Sony due to unresolved leadership issues and other conditions. Zee had spent ₹176.20 crore in the last financial year and an additional ₹190.39 crore in the first half of the current fiscal year.
Despite obtaining necessary clearances from various regulatory bodies and closing all formalities for the merger, Sony’s decision to call off the deal and demand a $90 million break-up fee has led ZEEL to consider legal action.
This development is expected to impact ZEEL’s stock performance in the near term and alters the dynamics in the media and entertainment sector in India.
S&P Global Ratings Upgrades Adani Ports and Adani Electricity
S&P Global Ratings has revised its outlook for Adani Ports and Special Economic Zone and Adani Electricity Mumbai to stable from negative.
This change reflects expectations of strong cash flow in the next 12 to 24 months. Adani Ports’ debt-to-earnings ratio is projected to be favorable, and Adani Electricity is expected to see improved operating cash flow.
The Supreme Court’s recent decision, stating that Adani Group does not require further investigation for accusations levelled by the Hindenburg report, has also boosted sentiment.
See Also: Why Tata Motors Shares Are Upbeat Today
Tata Motors to Hike EV Prices
Tata Motors, a leading automobile manufacturer in India, announced a price hike for its vehicles, including electric vehicles (EVs), by 0.7% starting February 1.
This increase is to offset rising input costs. The price change will vary across different models, including popular ones like Tiago, Nexon, Harrier, Safari and the recently launched Punch EV.
Despite the price hike, Tata Motors has experienced a 9% growth in overall passenger vehicle sales in the domestic market.
JSW Group’s Major EV Investment in Odisha
JSW Group is set to significantly boost India’s burgeoning electric vehicle (EV) sector with a substantial investment of ₹40,000 crore in Odisha.
This strategic move aims to strengthen JSW’s position in a market where EVs currently represent about 2% of total car sales. The government’s target is to increase this to 30% by 2023.
The investment will be allocated in phases, with ₹25,000 crore dedicated to establishing an EV battery and components plant initially. A further ₹15,000 crore will be invested later to expand the EV components manufacturing facilities.
Additionally, JSW Group’s joint venture with China’s SAIC Motor underscores its commitment to green mobility and the EV ecosystem. This development comes amidst discussions on potential policy changes in India’s EV import taxes, which could impact market dynamics and international entries like Tesla.
See Also: Kotak Mahindra Gains Where HDFC Failed: Stock Zooms 3% On Q3 Results
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