homemarket Newsstocks News

Zee Entertainment shares jump 6% after Manish Chokhani buys stake in the firm

Zee Entertainment shares jump 6% after Manish Chokhani buys stake in the firm

Zee Entertainment shares jump 6% after Manish Chokhani buys stake in the firm
Profile image

By CNBCTV18.com Aug 24, 2020 2:10:11 PM IST (Updated)

The stock rose as much as 5.8 percent to its intra-day high of Rs 203.35 per share.

Zee Entertainment Enterprises (ZEE) rose nearly 6 percent on Monday after veteran investor and the company's Independent Director Manish Chokhani bought shares of the company. Chokani bought around 1 lakh shares for Rs 2 crore at a share price of Rs 200 per share.

Recommended Articles

View All

Chokhani now owns 2 lakh shares in the company, the company disclosed in a recent filing.
The stock rose as much as 5.8 percent to its intra-day high of Rs 203.35 per share.
For the June quarter, the company's quarterly net profit came in at Rs 29 crore in June 2020, down over 94 percent from Rs 529 crore in June 2019.
The company's net sales also fell 38 percent to Rs 1,112 crore in Q1 from Rs 1,789 crore in the year-ago period. Zee’s total income in the period also tumbled 36.6 percent to Rs 1,338.41 crore, from Rs 2,112.03 crore a year ago. Its advertisement revenues dropped 64.5 percent to Rs 421.06 crore, from Rs 1,186.71 crore a year ago.
Despite the poor performance, global brokerage house CLSA retained a BUY rating and a target price of Rs 255 per share.
"Zee advertising revenue was in line with expectations, down 66 percent YoY due to COVID-19 lockdowns, but Zee network viewership sharply improved to exceed pre-COVID-19 levels, led by resumed original content. Zee has improved disclosures and should emerge stronger post-COVID-19. At current valuations, the stock offers deep value, in our view," it said in a report.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng