Zee Entertainment snaps 7-day losing streak

Zee Entertainment Enterprises rose 6.64% to Rs 333.25 at 14:56 IST on BSE on bargain hunting after a recent steep slide.

Meanwhile, S&P BSE Sensex was down 173.71 points or 0.47% at 36,803.14.

On BSE, 8.57 lakh shares were traded in Zee Entertainment Enterprises counter, compared to a 2-week average of 7.96 lakh shares. The stock hit an intraday high of Rs 340.60 and an intraday low of Rs 313.65. It hit a 52-week high of Rs 540.40 on 8 August 2018 and a 52-week low of Rs 288.95 on 25 January 2019.

Shares of Zee Entertainment Enterprises (ZEEL) plunged 22.63% in the past seven trading sessions to settle at Rs 312.50 yesterday, 6 August 2019, from its close of Rs 403.95 on 26 July 2019.

On 1 August 2019, the company announced that Invesco Oppenheimer Developing Markets Fund has agreed to buy upto an 11% stake in ZEEL from company's promoters, for a total consideration value of up to Rs 4,224 crore. The fund has been a financial investor in ZEEL since 2002 and currently owns a 7.73% stake in the company (as on 30 June 2019).

ZEEL promoters held 35.80% stake in the company as on 30 June 2019.

On a consolidated basis, Zee Entertainment Enterprises' net profit was up 62.6% to Rs 530.57 crore on a 13.3% increase in net sales to Rs 2,008.12 crore in Q1 June 2019 over Q1 June 2018.

Zee Entertainment Enterprises is a media & entertainment powerhouse offering entertainment content to diverse audiences.

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