Leading private lender Axis Bank s standalone net profit rose 4% year-on-year to Rs 6,071 crore in the October-December 2023 period. Net interest income (NII) in the third quarter rose 9% to Rs 12,532 crore.
Out of the 42 AMCs, only 29 invested in ZEE, while the remaining 13 held a very small amount of the stock, with ICICI Mutual Fund holding the highest exposure to ZEE.
Zee Entertainment shares rallied today after Tuesday s crash. Traders expect potential deals following Sony s termination of the proposed merger with Zee. Zee has refuted Sony s claims and plans to explore legal options. The stock has faced de-ratings and sell calls due to pending investigations and weak performance. Challenges include subdued advertising business and competition in the subscription and OTT markets. Analysts have downgraded the stock and slashed earnings estimates. Zee s valuation is expected to de-rate back to 12x PE.
The letter alleges that efforts are ongoing to scuttle the merger with Sony. Chandra wrote in his letter that while he is not concerned about the probe by market regulator SEBI, but the timing of the new notice.