The Hindu Business Line : Zee continues upward movement

The scrip has appreciated by almost nine per cent from Rs 124 levels on May 18 to current levels of around Rs 135. It has gained 4.6 per cent from Rs 129 levels as on June 10.

The counter ended the day at Rs 135.10, up 6.88 per cent with around 19.19 lakh shares traded.

A majority of market participants are of the view that direction would be provided after the first-quarter results are out.

Mr Apurva Shah, analyst with Prabhudas Liladher, maintained that going forward one can expect ad revenue to go up by 10 per cent after two years of declining or negative growth.

"Subscription revenues are likely to see 30 per cent growth, of which DTO revenues are expected to grow by more than 30 per cent and international subscription by 15-odd per cent. Overall one can expect margins to improve."

However, sources said that the stock is unlikely to see any new highs.

"There is no policy issue as such that will impact the company positively in the near future. It is a classic defensive play. If there is any sharp upsurge it would only be in tandem to a positive market momentum. Or else the counter will see only marginal growth," said an analyst tracking the company.