FRS acquired 51,09,188 equity shares (representing 0.53 percent of total paid up equity) of the media and entertainment company, as per bulk deals data available on the National Stock Exchange.
Share price of Zee Entertainment Enterprises jumped 10 percent intraday on April 23 after Florida Retirement System (FRS) bought little more than half a percent stake in the company on April 22.
FRS acquired 51,09,188 equity shares (representing 0.53 percent of total paid up equity) of the media and entertainment company, as per bulk deals data available on the National Stock Exchange. FRS purchased these share at Rs 141.29 per share.
Meanwhile, Santosh Industries bought 4.15 lakh shares of Eveready Industries at Rs 60.25 per share, while Consolidated Infrastructure Company purchased 56,46,647 shares of Gammon Infrastructure at Rs 0.4 per share on the NSE.
Earlier this week, Emkay Global slashed its advertising growth assumptions and expects further de-rating in valuation multiples if there is a delay in recovery of advertising revenues resulting the stock price to fall 8 percent.
The brokerage said traditional advertisement mediums, i.e., Print and Radio, have not seen a recovery in advertisement revenues after events like demonetisation, GST implementation and RERA.
Emkay believes that the broadcasting industry is also at crossroads now with the COVID-19-led lockdown, as it will certainly bring changes to the content consumption habits of consumers as well as advertisement revenue growth due to the financial impact on advertisers.
The stock price touched upper circuit of Rs 166.65 per share and was quoting at Rs 166.65, up Rs 15.15, or 10.00 percent. There were pending buy orders of 121,962 shares, with no sellers available.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
