Shares of Zee Entertainment rally as talks for a merger with Sony Group are re-initiated after the cancelled $10 billion deal. Representatives from both sides have held meetings in Mumbai to salvage the deal. Several analysts had downgraded the stock and revised target prices earlier after the Sony-Zee merger fell through.
Post the earnings, brokerage Citi is overweight on PSU Utilities & Defence, Industrials, Banks/Insurance and underweight on Consumer Discretionary, IT Services, and Metals. Its December 2024 NIFTY target is 22.5k, which indicates a 2 percent upside.
Zee Entertainment Enterprises has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger. Major differences and disagreements over terms and conditions persist, and the outcome remains uncertain.