Market movers: A ‘win-win’ ZEE-Sony deal meets profit takers on Dalal Street

It is said to be a win-win not just for Sony and Goenka, but also shareholders (though Invesco will not agree to this). It also seeks to solve corporate governance issues and growth concerns. Analysts wrote glowing commentaries on why this deal deserves applause.

However, investors and traders were not convinced. After a flat close on Wednesday, they booked profit in Zee Entertainment shares, which had doubled in the last four months. The counter closed down nearly 3 per cent on Thursday.

Ceinsys Tech lights up Street

IT companies are in focus as the rupee has plummeted and business growth has never been better. On Thursday, a fresh name came on the radar of investors after it announced the acquisition of another tech firm.

Ceinsys Tech said it has received approval from its board of directors to acquire a 100% equity stake in Pune-based Allygrow Technologies for Rs 68.06 crore. It is a mix of cash and share deal, where the company will issue shares at Rs 156 per equity share. This was at a discount to the previous closing prices.

The deal announcement brought a flurry of bargain hunters to the counter, which trades at a trailing twelve month PE of 23 — among the lowest in the industry. The stock climbed 20 per cent in a single day.

Hope drives

Hope is perhaps the most potent drug for investors, and that has returned especially for those that dabble in primary issues. After a strong debut of MapMyIndia shares, it was the turn of another debutant to dazzle Dalal Street.

Pharmacy Retailer Medplus Health Services made a strong debut on the bourses and extended the gains as the trade progressed. Eventually, it ended the day up 41 per cent over the issue price.

The stellar performance may continue tomorrow when Data Patterns lists on the bourses. The company has lost some ground in the grey market, but still signaling towards a strong listing pop.