Zee Entertainment corrects on profit booking

Zee Entertainment Enterprises fell 2.91% to Rs 529.50 at 12:18 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 67.99 points, or 0.22% to 30,182.99.

On the BSE, 1.31 lakh shares were traded in the counter so far, compared with average daily volumes of 91,107 shares in the past one quarter. The stock had hit a high of Rs 545 and a low of Rs 528.70 so far during the day. The stock hit a 52-week high of Rs 588.80 on 3 October 2016. The stock hit a 52-week low of Rs 428.50 on 23 December 2016.

 

The stock had outperformed the market over the past one month till 11 May 2017, rising 2.79% compared with 2.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.21% as against Sensex's 6.76% rise.

The large-cap company has equity capital of Rs 96.04 crore. Face value per share is Re 1.

Shares of Zee Entertainment Enterprises rose 9.88% in two trading sessions to settle at Rs 545.35 yesterday, 11 May 2017, from its close of Rs 496.30 on 9 May 2017.

The recent rally was triggered by the company's strong Q4 March 2017 results. On a consolidated basis, net profit of Zee Entertainment Enterprises rose 568.47% to Rs 1514.22 crore on 0.40% rise in net sales to Rs 1527.95 crore in Q4 March 2017 over Q4 March 2016.

Net profit was boosted by an exceptional income of Rs 1223.44 crore on account of sale of Sports Broadcasting Business to Sony Pictures Network.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 14% to Rs 468.70 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin stood at 30.7%.

Zee Entertainment Enterprises is one of India's leading television media and entertainment companies. The company and its affiliate companies have leading presence across the media value chain including television broadcasting, cable distribution, direct-to-home satellite services, digital media and print media amongst others.

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