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Shares of Zee Entertainment rose on upbeat Q1 results. The stock jumped as much as 3.1 per cent to Rs 532.70, biggest intraday percentage gain since April 18. More than 2.6 million shares traded versus 30-day moving average volume of 1.7 million.
According to a BSE filing, the Mumbai-based media company’s net profit rose 31.5 per cent to Rs 326 crore on a yearly basis.
CLSA says Zee's Q1 results were ahead of its estimates led by higher-than-expected 22 per cent y/y growth in domestic advertising revenues. Zee remains a leading non-sports TV network, the brokerage says, adding that it sees Zee delivering a 14 pct CAGR in ad revenues over FY18-21.
CLSA has retains 'buy' with a price target of of Rs 675. The stock had fallen 11 per cent this year up to last close.
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