If the rejig happens as per expectations, then SBI Life could be the first insurance company to be added to the benchmark index.
We recommend buying Zee Entertainment Enterprises around Rs 170 with a stop loss of Rs 148 for higher targets of Rs 210.
FRS acquired 51,09,188 equity shares (representing 0.53 percent of total paid up equity) of the media and entertainment company.
The brokerage believes that 33 percent of TV advertisers will be adversely impacted by the COVID-19 lockdown and will see a delayed come back.
Gauging the unprecedented impact caused to all daily wage earners due to the lockdown, ZEE has taken this step ensuring that the families of daily wage earners do not get impacted during the ongoing challenging phase, ZEE Entertainment Enterprises Ltd (ZEEL) said in a statement.
Enforcement Directorate asked asked DHFL promoters Wadhawans to appear on March 17, while Naresh Goyal of Jet Airways and Subhash Chandra of Essel Group will appear on March 18.
The inspection has been ordered under Section 206 (5) of The Companies Act.
Revenue from operations in Q3 dropped 5.5 percent to Rs 2,048.7 crore YoY, dented by lower advertising revenue.
The only point of relief could be the OTT platform which is expected to show a strong subscription.
CLSA said 2020's key focus for the company will be on cash generation
Zee Entertainment's board has appointed an independent agency to examine his compensation and terms of the contract, Goenka said.
OFI Global China Fund LLC, which already holds 8.7 per cent stake in Zee Entertainment Enterprises Ltd, has acquired over 13,749,266 crore additional equity shares amounting to 1.431 per cent stake in the media company.
The stock surged 36 percent in last three months after Essel Group sold a major part of its pledged stake in the company
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 11 points loss at 12,001 levels
Margin contracted 160bps YoY to 32.6 percent in Q2FY20, which was in line with analyst expectations.
Utilization of cash and cash generation in the first half of FY20, progress on the promoter stake sale, domestic advertising revenue and subscription revenue would be key things to watch out for.
Net Sales are expected to increase by 5.7 percent Y-o-Y (up 4 percent Q-o-Q) to Rs. 2,087.9 crore, according to Kotak.
IDFC Securities maintains outperform call on Zee Entertainment, with a target price of Rs 416 per share, implying 76 percent potential upside.