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Saturday, December 9, 2023

ZEE Entertainment shares rise 3% as media firm pays IndusInd bank dues


Shares of ZEE Entertainment Ltd rose 3 percent in Monday’s trade on reports that the media company had paid all IndusInd bank dues on June 30. ZEE Entertainment and IndusInd Bank have reportedly announced a settlement and NCLAT has withdrawn IndusInd Bank’s bankruptcy petition. As of the publication of this report, ZEE Entertainment has not confirmed the matter on the stock exchange.

In a knee-jerk reaction, shares of ZEE Entertainment rose 3 percent to a high of Rs 182.70 on the BSE. The stock subsequently rose 2.5 percent to 181.80 rupees.

In March this year, ZEE Entertainment and IndusInd Bank stated that they had jointly entered into a settlement agreement in accordance with the above terms, and all disputes and claims between the company and IndusInd Bank, ZEEL have been resolved, adding that no payment has been made. Fines and no major incidents occurred. The impact of developments on the company’s financial position.

IndusInd Bank approached NCLT in February seeking to initiate insolvency proceedings against ZEEL.

JM Financial said in a report on June 28 that the merger of Sony and Zee is crucial for ZEE Entertainment, but it is also important for Sony.

“Sony has an unenviable market position with TV ratings of 7% (the lowest among major broadcasters). India’s changing media landscape makes it precarious. Pay-TV households (HH) appear to have reached Peak. TV viewership is on the decline as digitization grows. Consumption is fading away on TV time. Sony’s core TG urban households are moving to OTT/CTV in droves. Sony’s OTT platform, Sony LIV, has built a strong subscription base, but the road ahead is tough. JioCinema, offering free IPL streaming “Sony LIV still has gaps, especially in terms of regional content. ”

According to JM Financial, ZEE Entertainment perfectly complements Sony’s product portfolio in terms of online and OTT. Combined, merge-co will have the highest TV ratings, one of the largest content libraries, global intellectual property and access to world-class technology. It noted that corporate governance concerns would be eased as Sony nominated the board to take over.

“Puneet indicated that his legal status would not prevent a merger (here), an opportunity we believe Sony should not pass up,” it said.

Also read: Top Stocks for June 3, 2023: Mazagon Dock, Suzlon Energy, Brightcom Group, Power Grid and more

Also read: Suzlon Energy, Brightcom Group, South Indian Bank, RTN Power, L&T Finance Top NSE Volume Leaderboard


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