Shares of Zee Entertainment witness increased demand in today’s trading session

Even in the pre-opening session today, the shares of the company saw huge demand from buyers.

The shares of Zee Entertainment Enterprises Ltd (ZEEL) are buzzing on the bourses today. As of 12.48 pm, the shares of the company are up by 3.48%. Meanwhile, the frontline index S&P BSE Sensex is up by 0.99%.

Even in the pre-opening session today, the shares of the company saw huge demand from buyers. During this time, the shares of Zee Entertainment Enterprises were trading higher by 5.92%. Owing to this, the shares of Zee Entertainment Enterprises were the top gainers on BSE from Group A.

On Friday, the company announced that its equity shareholders have approved the proposed merger of ZEEL and Bangla Entertainment Pvt Ltd with and into Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India Pvt Ltd).

ZEEL has received approval from the Competition Commission of India (CCI), vide its communication dated 4 October 2022. The company has also received approvals from the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in July 2022.

Zee Entertainment Enterprises Limited (ZEEL) is a global media and entertainment conglomerate with a presence across television broadcasting, movies, music, live entertainment and digital businesses.

In the recent quarter Q1FY23, on a consolidated basis, the company’s net revenue increased by 3.99% YoY to Rs 1845 crore. However, owing to higher expenses, the bottom line declined by 49% YoY to Rs 106.5 crore.

The company is currently trading at a TTM PE of 29.5x against the industry PE of 31.61x. In FY22, the company delivered an ROE & ROCE of 9.1% and 13.6%, respectively.

Today, the scrip opened at Rs 278.70 and has touched a high and low of Rs 279.75 and Rs 271.30, respectively. So far, 9,46,248 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 378.60 and Rs 200.50, respectively on BSE.