Zee Entertainment shares in focus today post bulk deal worth Rs 165 crore

Shares of Zee Entertainment Enterprises Ltd are in news today after investment firm Plutus Wealth Management LLP bought 61,10,797 equity shares or 0.63 percent stake in the media and entertainment company via open market transactions. The transaction was done at an average price of Rs 270.07 per share and was valued at Rs 165.03 crore. Zee Entertainment shares were trading on a flat note at Rs 271.95 against the previous close of Rs 271.05 on Thursday.

The large cap stock opened higher at Rs 274.55 on BSE.  Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 35.94 crore. Market cap of Zee Entertainment rose to Rs 26,169 crore.

The stock hit a 52-week high of Rs 299.50 on December 12, 2023 and a 52-week low of Rs 172.25 on June 20, 2023 on BSE.

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The share has gained 13.41 per cent in one year and risen 11.62 per cent since the beginning of this year. In a month, the stock has climbed 8.73 per cent.

In terms of technicals, the relative strength index (RSI) of Zee Entertainment stands at 53.4, signaling the stock is trading neither in the oversold nor in the overbought zone. Zee Entertainment stock has a one-year beta of 0.1, indicating very low volatility during the period. Zee Entertainment shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Zee Entertainment Enterprises reported a 9% rise in consolidated net profit at Rs 123 crore for the quarter ended September 30, 2023 against a consolidated net profit of Rs 113 crore in the year-ago period.

The media firm's total income rose 23% to Rs 2,510 crore in Q2FY24 as against Rs 2,040 crore in Q2FY23. The firm's revenue rose 20% to Rs 2,438 crore in Q2FY24 as compared to Rs 2,024 crore in Q2FY23.