Zee Entertainment slips after results

The company announced the results during market hours today, 22 May 2013.

Meanwhile, the S&P BSE Sensex was down 93.47 points or 0.46% at 20,018.14.

On BSE, 6.31 lakh shares were traded in the counter as against average daily volume of 2.34 lakh shares in the past one quarter.

The stock hit a high of Rs 251.70 and a low of Rs 237.80 so far during the day. The stock had hit a 52-week high of Rs 255.20 on 15 May 2013. The stock had hit a 52-week low of Rs 121.85 on 21 May 2012.

The stock had outperformed the market over the past one month till 21 May 2013, rising 16.04% compared with the Sensex's 5.76% rise. The scrip also outperformed the market in past one quarter, advancing 13.75% as against Sensex's 4.07% rise.

The large-cap media company has equity capital of Rs 95.91 crore. Face value per share is Re 1.

Zee Entertainment Enterprises' consolidated net profit rose 22.13% to Rs 719.55 crore on 20.97% rise in total income to Rs 3845.66 crore in the year ended March 2013 over the year ended March 2012.

Zee Entertainment Enterprises' board of directors at its meeting held today, 22 May 2013, approved enhancement of FII investments in the company beyond the current limit of 49% up to the maximum sectoral limit allowed under applicable FDI regulations, subject to appropriate approvals. In addition, as a special reward to shareholders on completion of 20 years of broadcasting business of the company, the board has considered and approved distribution of about Rs 2000 crore, by way of bonus issue of 6% Redeemable Preference Shares (RPS). Based on this decision, the company will issue 21 RPS of Re 1 each for every share of Re 1 each held in the company, through a court approved scheme of arrangement and such issuance shall be subject to other statutory and regulatory approvals/exemptions.

Zee Entertainment Enterprises' board of directors at its meeting held today, 22 May 2013, recommended dividend of Rs 2 per share for the year ended 31 March 2012.

Zee Entertainment Enterprises is one of India's leading television, media and entertainment companies.

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