Zee Entertainment drops on profit taking

Zee Entertainment Enterprises lost 2.48% to Rs 265.55 at 14:29 IST, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 275.50 points or 1.33% at 20,984.21.

On BSE, 73,000 shares were traded in the counter as against average daily volume of 1.70 lakh shares in the past one quarter.

The stock hit a high of Rs 277 and a low of Rs 264.75 so far during the day.

The stock had outperformed the market over the past one month till 4 December 2013, declining 0.07% compared with the Sensex's 2.5% fall. The scrip had also outperformed the market in the past one quarter, surging 24.82% as against Sensex's 11.53% surge.

Shares of Zee Entertainment Enterprises had rallied 8.18% in six trading sessions to settle at Rs 272.30 on Wednesday, 4 December 2013 from a recent low of Rs 251.70 on 26 November 2013.

Zee Entertainment Enterprises' consolidated net profit rose 25.9% to Rs 236.27 crore on 15.5% growth in net sales to Rs 1101.28 crore in Q2 September 2013 over Q2 September 2012.

Zee is one of India's leading television, media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world, with an extensive library housing over 100,000 hours of television content. With rights to more than 3,000 movie titles, Zee houses the world's largest Hindi film library.

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