Stock Of The Day: Zee Eyes Recovery After 2024 Slump As Probe Against Top Executives Heats Up

Shares of Zee Entertainment Enterprises Ltd. soared over 7% on Friday's trade after the capital market regulator expanded the scope of investigation against Chief Executive Officer Punit Goenka, and Chairman Emeritus Subhash Chandra.Stock of the media conglomerate had fallen over 57% in the previous year. The counter currently tests the 14-day simple moving average and 21-day exponential moving average. The scrip is yet to see a breakout of the 200-day moving average after it slipped early last year. The stock will see an immediate resistance at the Rs 136-mark and a breakout could send the stock higher to the Rs 145 level. The stock saw a momentum switch to the positive side in the lower time on Jan. 1. The stock will find support at the Rs 119 mark which is a 2-standard deviation below the 14-day moving average.Zee's stock rose as much as 7.1% during the day to Rs 132.8 apiece compared to a 0.03% advance in the benchmark Nifty 50. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 52.Nine out of the 20 analysts tracking the company have a 'buy' rating on the stock, four suggest a 'hold' and seven have a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 25%..What Went Wrong In Deloitte’s Audit Of Zee Entertainment.The Securities and Exchange Board of India on Thursday expanded the scope of investigation against Punit Goenka and Subhash Chandra in the alleged fund diversion case.The last SEBI order on Thurday dismissed settlement applications by the media giant while subsuming the earlier findings with the findings of the new investigation. The regulator will drop the 2022 notice against the three, such that a single larger probe remains against them.The regulator's panel of Whole Time Members had earlier refused the settlement applications, referring the issue for further investigation.The market regulator had in August last year barred Chandra and his son Goenka from holding key positions in Zee Entertainment, Zee Media Corp., Zee Studios, and Zee Akaash News Pvt.The restriction was imposed after SEBI, in its interim order, alleged that the father-son duo diverted fixed deposits of Zee Entertainment with Yes Bank to service the loans of other Zee Group entities. The independent investigation committee constituted by its board found "no material irregularities."Meanwhile, shareholders of Zee did not vote in favour of the re-appointment of Goenka as the company's director in November last year, a few days after his resignation from the post of managing director. He continues to hold the position of chief executive officer..SEBI Details How Zee Promoters Goenka And Chandra Diverted Funds

Stock Of The Day: Zee Eyes Recovery After 2024 Slump As Probe Against Top Executives Heats Up

The average of 12-month analyst price targets implies a potential upside of 25%, according to Bloomberg data.

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