Zee stock surges over 3.5% after brokerage view

Zee is mandated to hold an EGM 45 days after receipt of shareholder request while delay in convening the EGM could create uncertainty, the media reports added.

Sep 17, 2021 03:09 IST India Infoline News Service

Shares of Zee Entertainment Enterprises gained over 3.5% on the BSE. As per media reports, Global research firm Credit Suisse has upgraded the stock to outperform from neutral and has raised the target to Rs320 from Rs215 per share.

Zee is mandated to hold an EGM 45 days after receipt of shareholder request while delay in convening the EGM could create uncertainty, the media reports added.

In this week, Rare Enterprises, owned by Rakesh Jhunjhunwala, on September 14 picked half a per cent stake in Zee Entertainment Enterprises, a day when the stock spiked 40% after shareholders have demanded the removal of three directors including Punit Goenka, the elder son of Essel Group Chairman Subhash Chandra.

Also, BofA Securities Europe SA also acquired 48,65,513 equity shares in the company at Rs236.2 per share.

The stock is currently trading at Rs254.60, up by Rs7.55 or 3.06% from its previous closing of Rs247.05 on the BSE. The scrip opened at Rs249.50 and has touched a high and low of Rs262 and Rs242.20 respectively.

Related Story

Open Free Demat Account (Rs699)