Zee Entertainment reverses previous session's steep fall

Zee Entertainment Enterprises rose 8.38% to Rs 417.90 at 13:20 IST on BSE, reversing yesterday's 3.88% fall triggered by the company's Q2 September 2015 results.

The result was announced during trading hours yesterday, 14 October 2015. Shares of Zee Entertainment Enterprises fell 3.88% to Rs 385.60 yesterday, 14 October 2015.

Meanwhile, the BSE Sensex was up 236.94 points, or 0.88%, to 27,016.60.

On BSE, so far 6.06 lakh shares were traded in the counter, compared with an average volume of 85,442 shares in the past one quarter.

The stock hit a high of Rs 420.85 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 388.10 so far during the day. The stock hit a 52-week low of Rs 299.65 on 15 May 2015.

The stock had underperformed the market over the past one month till 14 October 2015, falling 2.43% compared with 3.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.92% as against Sensex's 4.13% decline.

The large-cap company has an equity capital of Rs 96.04 crore. Face value per share is Re 1.

Zee Entertainment Enterprises (Zee) consolidated net profit rose 8.7% to Rs 247.40 crore on 23.9% rise in net sales to Rs 1384.90 crore in Q2 September 2015 over Q2 September 2014. Zee's bottom line in Q2 September 2015 was adversely affected by a write off of investment of Rs 33.06 crore. This pertains to write-off of an investment made by Asia Today Limited, a wholly owned overseas subsidiary of the company made in 2013 for acquiring minority stake in MirriAD, UK. This write-off was on account of continuing losses and consequent capital reduction/restructuring in MirriAD, UK.

Zee's operating profit rose 10.7% to Rs 354.60 crore in Q2 September 2015 over Q2 September 2014. The operating profit margin declined sharply to 25.6% in Q2 September 2015 from 28.67% in Q2 September 2014.

Zee's operating revenues rose 24% to Rs 1384.90 crore in Q2 September 2015 over Q2 September 2014. Advertising revenues rose 35% to Rs 843.30 crore in Q2 September 2015 over Q2 September 2014. Subscription revenues rose 13% to Rs 479.10 crore in Q2 September 2015 over Q2 September 2014.

Zee Entertainment Enterprises 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 210,000 hours of television content. With rights to more than 3,500 movie titles from foremost studios and of iconic film stars, Zee houses the world's largest Hindi film library. Through its strong presence worldwide, Zee entertains over 959 million viewers across 169 countries.

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