Quant Mutual Fund Sells Stake in Zee Entertainment Enterprises; Shares Show Resilience

Shares of Zee Entertainment Enterprises Ltd have made headlines as Quant Mutual Fund recently executed a strategic move by selling a 0.5 percent stake in the renowned media and entertainment company. The sale, conducted through open market transactions, involved 48.15 lakh equity shares at an average price of Rs 266.61 per share. This transaction translated to a stake sale deal valued at Rs 128.38 crore.

Despite this development, Zee Entertainment’s shares demonstrated resilience, closing 0.53 percent higher at Rs 266.20 compared to the previous closing price of Rs 264.80 on the preceding day. The stock’s trading on Thursday saw a turnover of Rs 10.35 crore, with a total of 3.88 lakh shares changing hands. Zee Entertainment’s market capitalization ascended to Rs 25,569 crore.

Over the past year, the share has exhibited a growth of 3.62 percent, and since the commencement of this year, it has shown a rise of 9.48 percent. Within a month’s span, the stock has witnessed an upward movement of 8.61 percent.

In terms of technical analysis, Zee Entertainment’s relative strength index (RSI) stood at 61.3, suggesting that the stock is currently trading in a balanced zone without being overbought or oversold. The stock’s one-year beta of 1.2 reflects a considerable level of volatility during this period.

Despite facing fluctuations, Zee Entertainment shares have maintained their position above the 20-day, 50-day, 100-day, and 200-day moving averages. However, they are currently below the 5-day and 10-day moving averages.

Financially, Zee Entertainment reported a loss of Rs 53.4 crore in the first quarter of the financial year 2024, a contrast to the Rs 106 crore profit posted in the corresponding period of the previous year. The company’s advertising revenue stood at Rs 901.8 crore, marking a decline of 6.4 percent on a quarterly basis and 2.6 percent year-on-year.

The strategic shift by Quant Mutual Fund and the subsequent resilience of Zee Entertainment’s shares highlight the dynamic nature of the market and the company’s ability to navigate challenges while maintaining a positive trajectory.