ZEEL jumps on buzz lenders extend repayment deadline

Zee Entertainment Enterprises jumped 7.92% to Rs 251.40 on reports that the company's lenders have agreed to give a six-month extension to repay debt.

Zee's chief executive officer, Punit Goenka, told the media that the total amount due to the Indian lenders was approximately Rs 5,000 crore.

Shares of Zee Entertainment Enterprises (ZEEL) tumbled 18.74% in the past three trading sessions to settle at Rs 232.95 on Tuesday, 1 October 2019, from its close of Rs 286.70 on 26 September 2019.

Meanwhile, the S&P BSE Sensex was down 199 points or 0.52% to 38,106.87.

On the BSE, 17.76 lakh shares were traded in the counter so far compared with average daily volumes of 33.53 lakh shares in the past two weeks. The stock hit an intraday high of Rs 256.30 and an intraday low of Rs 225.50 so far during the day.

The stock hit a 52-week high of Rs 506.10 on 17 December 2018. The stock hit a 52-week low of Rs 211.80 on 1 October 2019.

Zee Entertainment Enterprises' consolidated net profit jumped 62.6% to Rs 530.57 crore on a 13.3% surge in net sales to Rs 2,008.12 crore in Q1 June 2019 compared with Q1 June 2018.

Zee Entertainment Enterprises is a media and entertainment company engaged in providing broadcasting services. The media giant operates through content and broadcasting segment. It offers content in multiple languages and offers approximately 38 international and over 30 domestic channels.

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