The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday approved the merger scheme between Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment (Sony). The bench in its oral order allowed the application for the merger.
"Sony here means it is a big positive and I do not even rule out something like Rs 450 coming on the stock over the next one year. This is a very big positive and with the World Cup cricket and other things to go with it, this could be a real game changer on media and particularly for Zee."
ZEE Q1 results: Kotak Institutional Equities sees adjusted profit for ZEE to fall 87.30 per cent YoY to Rs 15.50 crore against Rs 121.60 crore YoY. It sees net sales rising 3 per cent YoY to Rs 1,902 crore.
In as many as 541 companies, foreign investors reduced their stake in the quarter gone by, and among these, 17 companies saw sharp cuts in their holding. With the bears growling, these 17 companies corrected up to 83% so far in 2023.