At today’s ending price of Rs 206.45, Zee Entertainment shares are up 19.86% from their 52-week low of Rs 172.25, which was reached on June 20, 2023. However, its price has gone down by 28.04 percent from its one-year high of Rs 286.90 on October 6, 2017.
Shares of Zee Entertainment Enterprises Ltd went up strongly at the end of trading on Friday, when a lot of people were buying and selling. This was their fifth straight day of gains. The stock went up 10% to a high point for the day of Rs 207.55. At the end of the day, it closed at Rs 206.45, which was 9.41% higher than its previous close of Rs 188.70. Today, more than four times as many shares changed hands on BSE as the average over the past two weeks, which was 6.71 lakh shares. With a market capitalization (m-cap) of Rs 19,748.28 crore, the stock had a turnover of Rs 53.68 crore. Today, there were 2,78,299 buy orders and 47,019 sell orders.
With an ending price of Rs 206.45 today, the stock is up 19.86% from its 52-week low of Rs 172.25 on June 20, 2023. However, its price has gone down by 28.04 percent from its one-year high of Rs 286.90 on October 6, 2017.
Nuvama Institutional Equities said, “We expect sales to go up by 4% year-on-year (YoY) in Q1 FY24, while EBITDA will go down by 59.30% YoY. Zee’s Q1 FY24 EBITDA margin will continue to be under a lot of pressure because Zee5 is losing more money and other costs, like salaries, are going up. We expect advertising to grow slowly this quarter. Subscription income is expected to grow by 2% to 4% year over year. With the FMCG sector’s margins coming back, we expect ad spending to slowly rise over the next few quarters.”
The firm also said, “We are still waiting for the Zee-Sony deal to be approved.” The merger between Zee and Sony has been held up for a long time and is still a key thing to watch for the stock to re-rate.
The much-talked-about union between Zee and Sony Group Corp has been put off for a number of reasons. In December 2021, Zee and Sony made an official agreement to merge.
The National Company Law Tribunal (NCLT) put off hearing about the Zee-Sony deal until next week on Thursday. Now, on July 10, the NCLT would hear the case.
In a separate event, the National Company Law Appellate Tribunal (NCLAT) threw out a petition for bankruptcy after the media giant settled with IndusInd Bank and paid all of its debts to the bank.
Also, standards for Indian stocks fell sharply today after reaching new all-time highs early in the day. The 30-share BSE Sensex pack fell 505 points, or 0.77 percent, to settle at 65,280, while the broader NSE Nifty pack moved 166 points, or 0.85 percent, to end at 19,332.