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EquityPandit

EquityPandit
MARKETS

Zee Media Shares Rally 14% Ahead of Board’s Fundraising Decision on 27th September

The company plans to raise funds by issuing permissible instruments or securities in one or more phases.

Shares of Zee Media Corporation Ltd. rallied 14%, reaching a day’s high of Rs 16.40 on 25th September, after the company announced that its board of directors will meet on Friday to evaluate various fundraising options.

The company plans to raise funds by issuing permissible instruments or securities in one or more phases.

The board will explore several options for raising capital, including private placement, qualified institutional placement (QIP), preferential issues, or a combination of these methods.

Zee Media stated that the proposed fundraising will depend on necessary regulatory approvals and specific terms and conditions to be finalised during the board meeting, as mentioned in its regulatory filing.

Earlier this year, the company announced the termination of CEO Abhay Ojha, effective from 4th May, 2024. The board approved his termination, but the company did not provide details on the reasons. Ojha was promoted to CEO last year.

So far in 2024, the stock has given negative returns of 1.6%. The company’s market capitalisation stands around Rs 1,005 crore as of now.

At 11:22 AM, the shares of Zee Media were trading 14.89% higher at Rs 16.05 on NSE.

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WORLD

Tesla recalls 46,096 Cybertrucks over loose panels posing road hazard

Dhruva Kulkarni

Tesla is recalling 46,096 Cybertrucks in the US due to a defect that could cause an exterior panel to detach while driving, posing a road hazard.

The recall marks a setback for Tesla, as the Cybertruck’s success is crucial to its growth amid rising competition and an ageing vehicle lineup.

Tesla will replace the faulty rail assembly free of charge, with the recalled vehicles representing most Cybertrucks on the road.

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Demand for the unconventional EV pickup has already shown signs of weakness following delays, and Tesla shares fell nearly 2% in premarket trading.

Tesla shares have dropped 42% this year amid a sluggish EV market and concerns over CEO Elon Musk’s growing government role.

The company led the US recalls in 2024, with 5.1 million vehicles affected, though most issues were resolved through software updates.

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WORLD

Pentagon plans to cut up to 60,000 civilian jobs

Dhruva Kulkarni

The Department of Defense plans to cut 50,000 to 60,000 civilian jobs, targeting a 5% to 8% reduction in its 900,000-strong workforce.

Around 6,000 positions per month will be eliminated by not replacing departing workers, raising concerns that service members may fill vacant roles.

The reduction will occur through voluntary resignations, firing probationary workers, and leaving vacated positions unfilled.

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Defense Secretary Pete Hegseth assured that military readiness would not be affected, though some veterans will be impacted.

A federal judge has temporarily halted the termination of 5,400 probationary employees, initially dismissed for poor performance or misconduct.

Officials are reviewing personnel to ensure essential national security roles remain unaffected.

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WORLD

China welcomes PM Modi’s remarks on India-China ties

Dhruva Kulkarni

China welcomed Prime Minister Narendra Modi’s positive remarks on India-China ties, emphasising that cooperation between the two nations is the way forward.

Chinese Foreign Ministry spokesperson Mao Ning said the Xi-Modi meeting in Kazan last year provided strategic guidance for improving ties.

She noted both countries have strengthened exchanges and cooperation, achieving positive outcomes in various areas.

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China expressed readiness to work with India to enhance cooperation and advance stable bilateral relations, marking 75 years of diplomatic ties.

In a podcast with Lex Fridman, Modi said normalcy has returned to the India-China border after talks with Xi, emphasising their long-standing cultural ties.

He stressed that India-China cooperation is crucial for global stability, adding that competition between the two should be healthy, not conflict-driven.

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WORLD

Russia, US May Start Ukraine Peace Talks Today

Dhruva Kulkarni

Russia has signalled its willingness to have peace talks with the US over Ukraine, with discussions possibly beginning as early as today, according to Foreign Ministry spokeswoman Maria Zakharova.

The development comes after high-level diplomatic talks in Saudi Arabia, where Ukraine showed openness to a 30-day ceasefire, and the US agreed to present the proposal to Moscow.

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The Kremlin confirmed that US negotiators were heading to Russia, indicating a potential step forward in diplomatic engagements between the two nations.

Kremlin adviser Yuri Ushakov spoke with US National Security Adviser Mike Waltz on Wednesday, emphasising ongoing diplomatic efforts to find a resolution to the conflict.

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WORLD

Greenland Opposition Party Secures Victory in Legislative Elections

Dhruva Kulkarni

Greenland’s centre-right opposition secured a surprise victory in the legislative elections, with rising support for the nationalist Naleraq party advocating swift independence.

The Democratic Party won 29.9% of votes, tripling its 2021 result, while Naleraq more than doubled its share to 24.5%.

Outgoing PM Mute Egede’s Inuit Ataqatigiit party and its coalition partner Siumut placed third and fourth.

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With no party securing a majority, coalition talks will shape the next government and its approach to independence.

Trump’s renewed push to acquire Greenland influenced the campaign, driving higher voter turnout.

Naleraq seeks immediate independence, but others prefer financial stability first, as Greenland relies on Danish subsidies.

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