ZEEL Q3 Results: Revenue during the December quarter fell 3% YoY to Rs 2,045 crore. The company reported a 43% decline in Q3 EBITDA at Rs 209 crore compared to Rs 366 crore in the same quarter last year.
Brokerage firm Jefferies maintained a buy call on ICICI Bank post-Q3 results, a hold rating on Kotak Mahindra Bank, and a buy rating on Paytm. CLSA downgraded Zee Entertainment to sell from a buy earlier.
In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBIs investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.
Another source said the Boston Consulting Group (BCG), which was tasked with completing the integration process, is working overtime to complete the responsibilities associated with the merger.
Sony said that the completion of the merger with Zee was previously expected to conclude by the end of September. However, the merger has been embroiled in controversies over the past few months. Various operational and financial creditors had objected to the Zee-Sony merger scheme in the NCLT.
Foreign portfolio investors, which turned sellers in the domestic market early this month, remained so in the week gone by. So far in September, they have net sold Indian equities worth Rs 10,164 crore, according to NSDL data. In the cash market, FII sold shares to the tune of Rs 18,260 crore, so far this month.
The daily trend of Zee Entertainment Enterprises is bullish to sideways. The RSI for monthly and daily is showing sideways momentum, however, the RSI for weekly is showing bullish momentum. Based on option chain analysis, the range is between 250 and 290. Let’s plan a trade around this.
Federal Bank was mutual funds' biggest bet in value terms. Domestic fund managers bought increased their holdings in Federal Bank by 12.32 crore (worth Rs 1,670 crore) to 81.59 crore shares in July.