Shares of Zee Entertainment Enterprises Ltd. advanced the most in 11 months on Tuesday, after India's stock exchanges withdrew surveillance actions against the company.
On Monday, the National Stock Exchange and the Bombay Stock Exchange withdrew orders to exclude Zee Entertainment from the futures and options segment. The new futures and options contracts of the company will be available by Feb. 28.
The relaxation was announced as the principal bench of the National Company Law Appellate Tribunal stayed an order, dated Feb. 22, by the bankruptcy court to initiate insolvency proceedings against the company.
In a separate circular on Monday, the NSE mentioned that the Zee Entertainment stock would move out of the Insolvency and Bankruptcy Code framework and that the corresponding surveillance actions against the company would be reverted.
Shares of the company ended 6.91% higher at Rs 195.6 apiece, compared to a 0.51% decline in the benchmark Nifty 50. The stock had gained 8.50% intraday to Rs 198.5 apiece.
The total traded volume stood at 2.3 times its 30-day average. The relative strength index was 34.
Out of the 24 analysts tracking the company, 21 maintain a 'buy' rating, two recommend a 'hold,' and one suggests to 'sell' the stock, according to Bloomberg. The 12-month consensus price target implies an upside of 43.5%.
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