Share price of Zee Ent. falls as Nifty weakens

Shares of Zee Entertainment Enterprises Ltd. slipped 0.36 per cent to Rs 302.3 in Thursday’s trade as of 12:35PM (IST).

The stock hit a high price of Rs 305.5 and low of Rs 297.1 during the session.

The return on equity (ROE) for the stock stood at 7.92 per cent. Traded volume on the counter stood at 12:35PM shares and turnover at Rs 18.85 crore around that time.

The stock of Zee Entertainment Enterprises Ltd. quoted a 52-week high and 52-week low prices of Rs 362.85 and Rs 166.8, respectively.

The Beta value of the counter, which measures its volatility in relation to the broader market, stood at 0.98.

Promotor/FII Holding

Promoters held 3.99 per cent stake in the company as of 30-Sep-2021, while overseas investors held 57.18 per cent and domestic institutional investors had 15.98 per cent.

Key Financials
The company reported consolidated sales of Rs 1808.56 crore for the quarter ended 30-Jun-2021, down 8.86 per cent from previous quarter’s Rs 1984.39 crore and down 35.13 per cent from the year-ago quarter’s Rs 1338.41 crore.

Net profit after tax for the latest quarter stood at Rs 213.74 crore, up 603.79 per cent from the same quarter a year ago.

Zee Ent cancels October 27 board meet on quarterly results

Zee Entertainment Enterprises (ZEE) on Tuesday cancelled its upcoming board meeting scheduled to consider second quarter results.

The company will announce the next date for the board meeting with a fresh notice.

“The meeting of the board of directors, which was scheduled to be held on Wednesday, October 27, to consider and approve the unaudited financial results of the company for the second quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum,” ZEE informed the bourses.

It further stated that the trading window for dealing in securities of the Company, which stands closed from October 1, shall remain closed till 48 hours after the announcement of Un-audited financial results of the company.

Zee Ent rallies 6% after it wins court verdict against Invesco

NEW DELHI: Shares of

ZEE Entertainment

climbed over 6 per cent in Tuesday’s trade after the media firm won a court verdict in Invesco case.

As per ET NOW, the Bombay High Court has granted an injunction to ZEE in its appeal to not call EGM.

Zee Entertainment Enterprises had said that it will not be able to call an extraordinary general meeting of shareholders as it would be ‘illegal’. Invesco, on the other hand, had said that the ZEE board was bound by the company act to hold the meeting. It said that ZEE was assuming a power which they did not hold.

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Appearing for ZEE, senior advocate Gopal Subramanium had argued that the requisition brings illegality since the shareholders have not taken prior approval from the Ministry of Information and Broadcasting (MIB), and it is also in the violations of various rules and guidelines of SEBI, MIB and the Competition Commission of India (CCI).

“They (Invesco) want to remove the MD and CEO of the company and wants to appoint six independent directors on the board of the company and the shareholders are saying the LODR (Listing Obligations and Disclosure Requirements) regulations are merely guidelines, which is totally incorrect,” Subramanium had argued.

Following the development, the stock rose 6.47 per cent to hit a high of Rs 325 on BSE.

In another development, ZEE informed the stock exchanges that a meeting of the board of directors of the company, which was scheduled to be held on Wednesday, to consider and approve the unaudited financial results has been cancelled due to lack of quorum.

“The next date of the meeting will be duly informed with fresh notice,” it said.

Earlier, Punit Goenka, managing director and chief executive at Zee Entertainment Enterprises had alleged that Invesco, the largest stakeholder of the company, was “seeking control” of the company’s board and trying to “sabotage” the proposed merger with Sony Pictures Networks India (SPN).

In an affidavit filed in the National Company Law Tribunal (NCLT) on Friday, a copy of which was accessed by ET, Goenka had pointed out that Invesco’s requisition notice – through Invesco Developing Markets Fund and OFI Global China Fund – to ensure “wholesale changes” to the company’s board, was to “teach” him a “lesson for having rebuffed their proposal”.

Later, Invesco said in a statement that its role was to, “help facilitate that potential transaction and nothing more.”

In Video: Zee wins verdict to bar Invesco from calling EGM