Sony scrapped the $10-billion merger of its Indian arm with Zee Entertainment on January 22
Venkata Ramana Murthy Pinisetti, Shishir Babubhai Desai and Uttam Prakash Agarwal will take charge as additional directors in the category of independent directors of Zee Entertainment Enterprises.
. The NCLAT has served notice to the company in response to Axis Finance's plea.
On the merger front, the management has said it is awaiting order from National Company Law Tribunal that will pronounce its order on Zee's merger with Sony on August 10
In May 2023, the NCLT's Mumbai bench refused to entertain IDBI's plea noting that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC).
If the merger is called off, which is a low probability event, there could be a downside potential for the stock in the range of 15-20%, says Elara Securities. Zee Enterprises is likely to file an appeal with the Securities Appellate Tribunal, contesting the Sebi order.
"The only issue with ITC is it is best not to celebrate too soon, let us see how the business performs over a period of time...So although it's a great thing to see a stock moving up and down, but we should not celebrate too early, I would say," he further said.
Company's subscription revenue was at Rs 813.05 crore as against Rs 744.311 crore in Q1/FY 2020-21.
The company had reported a net profit of Rs 529.76 crore in April-June quarter a year ago, Zee Entertainment Enterprise Ltd (ZEEL) said in a BSE filing.
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a nine-point loss. Nifty futures were trading around 12,270-level on the Singaporean Exchange
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 13 points or 0.11 percent. Nifty futures were trading around 11,750-level on the Singaporean Exchange.
The assurance from lenders allow promoters to run the strategic sale process to maximise value for all stakeholders
Even if a company is doing well, the risks from promoters’ other business interests should not be underestimated.
The new framework allows consumers to select and pay only for the channels they wish to view and requires TV broadcasters to disclose maximum retail price (MRP) of channels individually and that of bouquets.
ICICI Direct recommended hold rating on Zee Entertainment with a target price of Rs 565 in its research report dated October 25, 2017.
Priority is to relaunch of our digital platform besides entry into some regional markets, where they are not present – Kerala, Punjab, said Punit Goenka, MD & CEO, Zee Entertainment.
In August last year, ZEEL had announced it would sell its sports channel Ten Sports to Sony Pictures Networks for USD 385 million in an all cash deal.
Bank of America Merrill Lynch (BoAML) has reiterated its buy rating on Zee Entertainment Enterprise with reduce price target of Rs 565.
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