Credit Suisse has upgraded the stock to outperform from neutral and has raised target to Rs 320 from Rs 215 per share.
Zee Entertainment.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Zee Entertainment Enterprises share price added over 2 percent intraday on September 17 continuing its up move in past few days after its two biggest investors sought the ouster of three directors, including CEO Punit Goenka, in a bid to recast the board, a move hailed by analysts.
Invesco Developing Markets Fund and OFI Global China Fund LLC’s move to call an extraordinary general meeting seeking the removal of Goenka was a positive development for corporate governance, experts said.
Fundamentally, the stock looks stronger as corporate governance issues are now being put behind decisively, fund managers said. The stock offers deep value as valuations took a severe beating over the past couple of years because of a combination of factors including governance concerns and loss of market-share, they said.
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Also, Rare Enterprises, a stock trading firm owned by ace investor Rakesh Jhunjhunwala, on September 14 picked half a percent stake in Zee Entertainment Enterprises, a day when the stock spiked 40 percent after shareholders have demanded the removal of three directors including Punit Goenka, the elder son of Essel Group Chairman Subhash Chandra.
Rare Enterpises has bought 50 lakh equity shares in the company, representing 0.52 percent of total paid-up equity, at a price of Rs 220.44 per share on the NSE, the bulk deals data showed. The stake is valued at Rs 110.22 crore.
BofA Securities Europe SA also acquired 48,65,513 equity shares in Zee at Rs 236.2 per share.
The stock was trading at Rs 253.30, up Rs 6.25, or 2.53 percent. It has touched an intraday high of Rs 261.80 and an intraday low of Rs 242.20.
Global research firm Credit Suisse has upgraded the stock to outperform from neutral and has raised target to Rs 320 from Rs 215 per share. Zee is mandated to hold an EGM 45 days after receipt of shareholder request while delay in convening the EGM could create uncertainty, according to a CNBC-TV18 report.
“We believe the possibility of a change in the management at Zee is high. New board may look at putting together a management team. It may look at addressing auditor concerns, growing digital. Likelihood of new management addressing these concerns makes us incrementally positive, the brokerage firm added.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
