Share price of Zee Entertainment Enterprises jumped 3 percent intraday on April 29 after data showed that foreign portfolio investors (FPIs) rose stake to 68.27 percent in Q4 FY20 (from 67.38 percent in Q3) while SBI-ETF Nifty50 increased stake to 2.03 percent from 1.47 percent.
The stock price jumped over 21 percent in the last 7 days and was quoting at Rs 157, up Rs 4.50, or 2.95 percent at 09:30 hours.
Earlier on April 23, share price rallied after Florida Retirement System (FRS) bought little more than half a percent stake in the company on April 22. FRS acquired 51,09,188 equity shares (representing 0.53 percent of total paid-up equity) of the media and entertainment company, as per bulk deals data available on the National Stock Exchange. FRS purchased these share at Rs 141.29 per share.
Last week, Emkay Global had slashed Zee Entertainment's advertising growth assumptions and expects further de-rating in valuation multiples if there is a delay in the recovery of advertising revenues.
The brokerage house has cut its advertising growth assumptions for Zee Entertainment by 24-22 percent for FY21 and FY22, respectively, but have kept domestic subscription growth largely unchanged as of now.
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