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Punit Goenka to ZEEL staff: Stake sale as per debt repayment plan

Shares of ZEEL on the BSE, closed at Rs 345.25 on Thursday, higher by Rs 38.10 or 12.40 per cent from the previous close.

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Punit Goenka Zee

New Delhi, Nov 21 : Punit Goenka, the MD and CEO of Zee Entertainment Enterprises (ZEE) has written to the employees of the company saying the proposed sale of 16.5 per cent stake by the Essel Group is in line with the overall debt repayment plan.

Describing the decision as a strong step forward, Goenka, who was reappointed as the MD and CEO earlier in November, said he looks forward to work with the employees and elevate the company to a global media and entertainment powerhouse, said the communication seen by IANS.

He said the promoters would continue to hold 5 per cent stake in the company and thanked the employees for their trust and support.

The Subhash Chandra-led Essel group on Wednesday announced that it is planning to sell 16.5 per cent stake in ZEEL to financial investors in order to repay loan obligations to certain lenders of the group.

After this transaction, the promoter stake in Zee Entertainment will be reduced to 5 per cent, which means that media baron Subhash Chandra will lose control of Zee Entertainment Enterprises Ltd.

Zee, considered a pioneer of television entertainment industry in India, was launched by Subhash Chandra in 1992. Ever since the launch year, the company expanded operations to enter packaging, infrastructure, education, precious metals, finance and technology sectors.

Earlier this year, Essel Group sold up to 11 per cent in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.

Prior to the Wednesday announcement, Subhash Chandra’s Essel Group companies held 22.37 per cent promoter stake in Zee. Of this, 21.48 per cent was pledged as collateral against finances availed by Essel Group firms.

Post completion of the transaction announced on Wednesday by the company, Oppenheimer Developing Markets Fund and OFI Global China will together hold 18.74 per cent.

Shares of ZEEL on the BSE, closed at Rs 345.25 on Thursday, higher by Rs 38.10 or 12.40 per cent from the previous close.

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China’s 5G development to empower more industries in 2021

China will build more than 600,000 5G base stations in 2021, while promoting the 5G network coverage in a wider range and at more levels, Zhao said.

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5G

Beijing, Jan 27 : China will boost the 5G industry in 2021 by improving the capability of network coverage, application innovation and industrial base.

With the continuously increasing investment, China’s 5G commercial development took solid steps last year, said Zhao Zhiguo, director of the cybersecurity management bureau of the Ministry of Industry and Information Technology, at a press conference.

By 2020, all cities above the prefecture-level had full coverage of 5G networks, with more than 200 million 5G terminal connections and over 1,100 5G plus industrial internet projects, he added.

China will build more than 600,000 5G base stations in 2021, while promoting the 5G network coverage in a wider range and at more levels, Zhao said.

The country will foster emerging consumption models such as 5G plus VR/AR and immersive gaming and promote the integration of 5G technology into life services including health, elderly care and housekeeping, Xinhua news agency reported.

Continuous efforts will also be made to organise 5G millimeter wave tests, speed up the research and development of key technologies, shore up the weak links and ensure the safety of the industrial and supply chains, said Zhao.

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Sensex plunges 1,000 points, Nifty below 14,000

Heavy selling pressure was witnessed across sectors, led by banking, finance and oil and gas stocks.

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Stock Market Down

Mumbai, Jan 27 : The Indian stock market witnessed a freefall on Wednesday afternoon, with the BSE Sensex losing over 1,000 points.

Around 2.45 p.m., Sensex was at 47,310.81, lower by 1,036.78 or 2.14 per cent from its previous close.

The Nifty50 also fell below the psychological 14,000-mark.

It was trading at 13,944.25, lower by 294.65 points or 2.07 per cent from its previous close.

Heavy selling pressure was witnessed across sectors, led by banking, finance and oil and gas stocks.

Weak global cues, selling by FIIs and mixed Q3 earnings lead to the bear run in the market.

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Kia Motors India sells 1 lakh units since July

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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New Delhi: Automobile manufacturer Kia Motors India has sold 1 lakh units since July 2020 in the domestic wholesale market.

Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country.

The company said the top-end — above GTX variants — for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.

As per a statement, Kia sold over 106,000 UVO connected vehicles on the road summing up to a humongous 53 per cent of the brand’s total sales.

Besides, Seltos leads the sales charts for Kia Motors India with 149,428 units, followed by the Sonet with 45,195 units, which was launched in September, 2020 and the Carnival with a total sales of 5,409 units.

“In just over a year of sales operations, Kia has emerged as India’s youngest automobile disruptor and one of the best-selling automobile brands in the country,” said Kookhyun Shim, Managing Director and Chief Executive Officer, Kia Motors India.

The rapid adoption of Kia cars reiterates the evolving customer preference towards a technology-led exceptional driving experience, coupled with great connectivity. Kia’s focus has also been on offering products that are designed to fulfill consumer demands across both urban and rural areas.

Currently, Kia’s manufacturing plant in Anantapur is running on two-shift operations and given the increasing demand for Kia cars, the brand is evaluating operating in three shifts to meet them.

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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