Company's stock price rises after IndusInd Bank withdraws insolvency petition against it.
Recently, the companies in question reached a settlement with the Indian Performing Rights Society (IPRS).
The move comes after the National Company Law Appellate Tribunal (NCLAT) granted the media company interim relief on Friday by staying the bankruptcy proceedings against it.
Zee stock down in spite of NCLAT order staying insolvency proceedings against the company.
A two-member NCLAT Bench granted ZEEL Managing Director and Chief Executive Officer Punit Goenka's petition.
NCLT has admitted IndusInd Bank's plea for initiating insolvency process for Zee Entertainment.
Its revenue from operations remained flat at around Rs 2,111 crore.
On the sectoral front, Nifty FMCG and IT extended over 1% gains.
According to Walt Disney's Q12023 results, the paid subscriber base of Disney+ Hotstar has decreased by 3.8 million to 57.5 million from 61.3 million at the fiscal year's end.
Along with India, he will lead APAC, which includes Japan and South East Asia.
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