Shares of Zee Entertainment Enterprises Ltd fell 12.83 per cent to Rs 217.4 in Friday’s trade, even the Nifty increased up by 54.3 points and reached to 14949.95. The fall down is the most since March as analysts see pressure on margin and cash flows despite improving advertising and subscription revenue.
The scrip had closed at Rs 249.4 in the previous session. The stock quoted a 52 week low of Rs 114.0 and a high of Rs 261.0. The company quoted a market-cap of Rs 20804.53 crore on the BSE. According to an exchange filing, The broadcaster reported a 33% year-on-year rise in overall revenue at Rs 2,729.3 crore in the quarter ended December.
For the quarter ended 31-Dec-2020, Zee Entertainment Enterprises Ltd reported consolidated sales of Rs 2729.36 crore, up 33.23 per cent from the same quarter a year ago. The company reported 14.45 per cent YoY growth in net profit at Rs 399.91 crore for the latest quarter.
Shares of Zee Entertainment fell as much as 15% to Rs 212 apiece, the lowest in two months. Some experts say that it will ramp-up investments in its movie production business. While others see this as a significant negative mark which will further impact margin.
The relative strength index (RSI) of the stock stood on Friday. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold when it is below 30.
