Zee Entertainment up on brokerage upgrade

Kotak has upgraded the stock to 'add' with target of Rs 315 and the stock will be included in Nifty from Sep 19

Shares of Zee Entertainment Enterprises Ltd (ZEEL) were up nearly 2% at Rs 290 after Kotak Institutional Equities upgraded the stock to "add" from "reduce" earlier.

Zee is the best play on structural improvement in India's pay-TV market and booming consumption, the brokerage said in a note.

The brokerage has also revised the target price upwards to Rs 315 per share from Rs 300 earlier.

Further, the stock will be included in National Stock Exchange's benchmark index Nifty from Friday, September 19, 2014 replacing United Spirits.

The stock opened at Rs 289 and touched a high of Rs 293 so far on the BSE. Over 1.7 million shares were traded on both the stock exchanges so far.