The shares of Zee Entertainment Enterprises Limited opened their trading hour at Rs 176.25 and currently trade at Rs 182. The scrip witnessed an intra-day high of Rs 188.40, indicating a gain of around 9 percent compared to the previous closing levels of Rs 173.30.
Such movements in the stock prices are observed after the company exits from the Futures & Options (F&O) ban imposed by the National Stock Exchange (NSE) today.
In addition to the above, Mr. Kenichiro Yoshida, CEO of Sony Corp, spoke at the company’s corporate strategy meeting that the merger between Sony Picture Networks India (SPNI) and Zee Entertainment Enterprises Limited (ZEEL) is likely to be completed by the first half of FY2023-2024.
He further mentioned India becoming the most populous country in the world and the same creating immense opportunities for growth, especially in the entertainment industry. The company, in alignment with the developments taking place in the legal battle faced by ZEEL, will make appropriate decisions.
A glance at the financials of the company portrays uniform revenues at levels of Rs 2,110 crores since the last two quarters. Despite such numbers, the company transitioned from net profits of Rs 24 crores during the December 2022 quarter to net losses of Rs 196 crores during the March 2023 quarter.
Zee Entertainment Enterprises Limited is engaged in the business of providing entertainment and media services. The company generates a majority of its revenues from India by way of subscription services, movie distribution, content licensing, etc.
Written by Amit Madnani
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