Trending Stocks Today: Vodafone Idea Continues Its Reign As Saregama Sings And Tata Gold And Silver ETFs Reverse Their Rise

Mumbai, May 15:Telecom major Vodafone Idea continued to dominate trading activity on the NSE for at least the third straight session on Friday as investors positioned themselves ahead of the company’s board meeting to consider fundraising plans and quarterly results. Meanwhile, sharp moves were also seen in ETF counters linked to precious metals, with Tata Mutual Fund’s gold and silver ETFs witnessing profit-booking after a recent rally triggered by higher import duties on bullion. Music label Saregama India emerged as one of the top gainers among actively traded stocks after posting strong quarterly earnings and margin expansion.

Vodafone Idea (Up 0.77%)

The prize for the most traded equity goes to Vodafone Idea again at least for the third day in a row, with the stock edging up today ahead of its board meeting tomorrow where fundraising plans along with results will be discussed. Yesterday, the stock had hit a one year high. And the day before,it had risen after the debt-laden telecom operator declared a board meeting on Saturday, that is tomorrow, to discuss fundraising plans and results. And a day earlier, the stock had come under profit-booking pressure after Bloomberg reported that Vodafone Group was evaluating options to transfer a part of its stake to Vodafone Idea. The proposed move is reportedly aimed at bolstering the Indian telecom operator’s financial position after the government decided to ease a portion of its spectrum payment liabilities.

Tata Mutual Fund Tata Silver Exchange Traded Fund (Down 6.74%)

The shares witnessed heavy profit-booking after rising for two straight sessions following the government’s decision to increase import duties on gold and silver to 15% from 6%, a measure aimed at preserving foreign exchange reserves. Investors had viewed the move as favourable for the company, as higher import costs for precious metals were expected to push investors towards alternatives such as exchange-traded funds (ETFs), potentially supporting demand in that segment.

Tata Mutual Fund Tata Gold Exchange Traded Fund (Down 1.49%)

Shares saw profit-booking after gaining over the previous two sessions following the government’s decision to raise import duties on gold and silver to 15% from 6% as part of efforts to preserve foreign exchange reserves.

The policy move had initially boosted sentiment, with investors viewing higher tariffs on physical bullion imports as a possible trigger for increased interest in paper-based investment avenues such as ETFs, which provide exposure to precious metals without the additional burden of import duties. Expectations of stronger inflows into the Tata Gold ETF had also lent support to the stock.

Saregama India (Up 11.60%)

Shares of Saregama India surged sharply after the music and entertainment company reported strong March quarter earnings, driven by robust growth in its core music business and a sharp expansion in operating margins. The company posted a nearly 25% year-on-year rise in consolidated net profit to around Rs 75 crore for the quarter ended March, while revenue from operations climbed about 19% to Rs 287 crore. EBITDA jumped sharply to about Rs 121 crore, with EBITDA margin expanding to 42% from 33% a year earlier, signalling cost efficiency. Moreover, Saregama India said it had released more than 1,200 film and non-film songs across multiple languages including Hindi, Punjabi, Tamil, Malayalam, Telugu and Kannada during the fourth quarter. The company also added 33 artistes in the quarter, taking its overall artist roster to more than 300, with a combined digital reach exceeding 410 million.

Source:

• NSE