Markets

Zee-Sony merger plan: Zee Entertainment shares climb to 52-week high

Ayushi Kar | | | Updated on: Dec 06, 2021
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Analysts maintain a strong buy on Zee shares, as Invesco softens the stance on Zee

Zee Entertainment shares climbed to a 52 week high to ₹363.50, up 4 per cent in Monday’s intra-day trade on the BSE. Shares surged on National Stock Exchange as well, reaching a peak of ₹361.95 up by nearly 3.5 per cent.

On the BSE, Zee has surpassed its previous high of ₹362.85, touched on September 23, 2021. Share prices moved up by 2.7 per cent to 3.5 per cent during the Monday morning trade on NSE.

Analysts ask traders to maintain a strong buy on Zee shares, as Invesco softens the stance on Zee. BusinessLine earlier reported that Invesco will back the Zee Sony merger as long as there is clarity on how promoters will increase their shares from 4 per cent to 20 per cent, wherein they want the promoters to be allowed only to raise stake through open market purchase, without any dilution for other shareholders.

Analysts expect the Zee Sony merger deal to be announced soon.

Published on December 06, 2021

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