Tag: essel group

The news of Zee Entertainment - Sony Pictures India merger news has resulted in the stock of the Punit Goenka controlled firm hitting the upper circuit of 20 percent at Rs 306.75 on the BSE. This is also the 52-week high level for the counter. According to the analysts, the deal should put to rest investor's concerns regarding corporate governance issues and can result in significant re-rating for the stock going ahead. It currently trades at around 16/14x FY23/24 earnings. Among the other Essel Group stocks, Dish TV India surged 10 percent to Rs 21.54 on the BSE. Zee Media Corporation hit the upper circuit of 5 percent at Rs 12.36, while Zee Learn was up 20 percent to Rs 16.64 on the BSE in intraday trades. In comparison, the S&P BSE Sensex gained 0.27 percent at 59,162 points. Read more

The deal between Essel group, the promoters of direct-to-home (DTH)) company Dish TV, and Bharti Airtel has been called off due to differences over valuation. The promoters are now in talks with a global financial investor to pick up half their stake. The cash generated around Rs 2000 crores from such a sale islikely to be used as part of the plan by the Essel group to buy back 5 per cent in flagship company Zee Entertainment Enterprises (ZEEL) in the next 12 months.