Shares of Zee Entertainment Enterprises Ltd. surged nearly 5% on Saturday after the media giant reported a net profit against a net loss in the same period of the previous fiscal.
The company posted a consolidated net profit of Rs 13.35 crore in the March quarter. The company had posted a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal, according to a regulatory filing.
Consolidated total income in the quarter stood at Rs 2,185.29 crore as against Rs 2,126.35 crore in the corresponding period a year ago, it added.
In the fourth quarter of FY24, domestic advertising revenue grew 10.6% year-on-year driven by the continued recovery in the macro advertising environment and spending pickup by FMCG clients.
The board of directors has recommended a final dividend of Re 1 per equity share having face value of Re 1 each for FY24 subject to the approval of shareholders at the ensuing annual general meeting.
Zee's stock rose as much as 4.46% during the day to Rs 141.65 apiece on the NSE. It was trading 4.22% higher at Rs 140.65 apiece, compared to a 0.2% advance in the benchmark Nifty 50 as of 9:42 a.m.
It has decline 21% in the last 12 months. The total traded volume so far in the day stood at 3.3times its 30-day average. The relative strength index was at 50.
Two out of the 22 analysts tracking the company have a 'buy' rating on the stock, seven recommend a 'hold' and 13 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 24.1%.
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