Zee Entertainment shares rise after BlackRock Inc increases stake

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Zee Entertainment Enterprises share price added over 2 percent intraday on September 20 after BlackRock Inc picked more than 3.01 lakh equity shares in the company.

BlackRock Inc. (on behalf of discretionary management clients) picked more than 3.01 lakh equity shares in the company via open market transaction, increasing shareholding to 5.01% from 4.98% earlier.

The stock was trading at Rs 260.35, up Rs 5.05, or 1.98 percent. It has touched an intraday high of Rs 264.75 and an intraday low of Rs 250.35.

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The stock has been in focus, surging over 50 percent in the last 15 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.

Also, Rare Enterprises 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.

Likhita Chepa, Senior Research Analyst at CapitalVia Global Research, said appointing new directors would improve corporate governance, provided the new directors have better understanding of the business.

Technically, "it is witnessing a breakout of falling channel formation and manages to move above its all-important moving averages where Rs 235/260 are important hurdles; above this, we can expect a move towards Rs 300/350 levels. On the downside, 200-DMA of Rs 205 will be an important support level," said Santosh Meena, Head of Research at Swastika Investmart.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.