Zee Entertainment soars 14% as FPI picks stake; gains 34% in two days

Shares of Zee Entertainment Enterprises (ZEE) surged 14 per cent to Rs 173 on the National Stock Exchange (NSE) on Thursday after foreign portfolio investors (FPIs) bought less than 1 per cent stake in the broadcasting & cable TV operators via open market on Wednesday. The stock has rallied 34 per cent from a level of Rs 129 in the past two trading days.

On Wednesday, Florida Retirement System (FRS) acquired 5.11 million equity shares, representing 0.53 per cent of the total paid up equity of the ZEE, on the NSE via bulk deals, the exchange data shows. FRS purchased these share at Rs 141 per share.

The names of the sellers, however, could not ascertained immediately.

The stock of ZEE has underperformed the market by falling 49 per cent in the past months, as compared to a 26 per cent decline in the Nifty 50 till Tuesday. The stock hit multi-year low of Rs 114 on March 25, 2020.

At 09:54 am, ZEE was trading 8 per cent higher at Rs 164 on the NSE, as against a 0.80 per cent decline in the benchmark index. Nearly 24 million shares have changed hands on the counter on the NSE and BSE till the time of writing of this report.