Zee Entertainment's stock price up by more than 3%

18 Oct 2022 , 11:25 AM

Zee Entertainment Enterprises (ZEE) shares have risen more than 3% in intraday trade on Tuesday after almost 53 million shares of the business were traded via block trades on the National Stock Exchange (NSE). A total of 52.93 million shares, or 5.51% of ZEE, were traded on the exchange for a total value of Rs1,396 crore at a price of Rs263.7 per share, according to data. However, it was not possible to determine the identity of the buyers and sellers right away.

The proposed merger of ZEE and Sony Pictures Networks (SPN) India had already received provisional permission from the Competition Commission of India (CCI) earlier this month. The merger was approved by the company’s shareholders last week. ZEEL hit an intra-day low of Rs271.25 on the NSE at 9:28 AM and was trading 3.5% higher at Rs 272.85 at that time. The Nifty 50, in contrast, was up 0.96 percent at 17,477 points.

The stock has outpaced the market over the last three months, rising about 20% compared to the benchmark index’s 8% increase. On June 20, 2022, it had fallen to a 52-week low of Rs 200.50. 

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