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  5. Zee Media Corporation freezes at 10% upper circuit; stock has jumped 59% in 1 week

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Zee Media Corporation freezes at 10% upper circuit; stock has jumped 59% in 1 week

Upstox
By Upstox News Desk

2 min read | Updated on September 27, 2024, 15:46 IST

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SUMMARY

Zee Media stock has been on a gaining spree and has jumped around 59% in a one-week period. In comparison, the benchmark S&P BSE SENSEX has gained over 1% during the window, BSE data shows. The stock rallied as the company's board approved the fund raise of up to ₹200 crore via the issue of warrants. 

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ZEEMEDIA
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Zee Media Corporation board approves ₹200 crore fund-raise, stock up 5%

The proposed $10 billion merger between Zee and Sony was terminated in January this year

Zee Media shares: Shares of Zee Media Corporation were locked in the upper circuit limit of 10% at₹20.70 apiece on the BSE on Friday, September 27. The stock has been on a gaining spree and has jumped around 59% in a one-week period. In comparison, the benchmark S&P BSE SENSEX has gained over 1% during the window, BSE data shows. 

The stock rallied as the company's board approved the fund raise of up to ₹200 crore via the issue of warrants. 

Zee Media, which operates a cluster of 16 TV news channels, reported a decline of 11.4% in operating revenue to ₹6,382.9 crore for the financial year ended March 2024.

Its loss has also widened to ₹98.43 crore in FY24.

On the other hand, another group company, Zee Entertainment Enterprises (ZEEL), stood at ₹135, down 0.74%. 
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Earlier this week, Subhash Ghai-led Mukta Arts entered into an agreement with Zee Entertainment for satellite and media rights of 37 films over six years.

An "assignment agreement and term sheet have been executed between the company and Zee Entertainment Enterprises," according to a regulatory filing by Mukta Arts.

This is for "assignment of satellite and media rights to 37 films of the company for a limited period of 6 years commencing from August 25, 2027, for a total consideration of 25% more as compared to the previous agreement,"  it added.

In August, ZEE Entertainment Enterprises and Sony Pictures Networks India said they have settled their disputes related to the failed $10 billion merger and have agreed to withdraw all claims against each other.

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The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement.

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Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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