Share price of Zee Ent. rises as Nifty weakens

Shares of Zee Entertainment Enterprises Ltd. gained 2.16 per cent to Rs 193.55 in Wednesday's trade as of 10:00AM (IST). The stock hit a high price of Rs 194.7 and low of Rs 189.55 during the session.

The return on equity (ROE) for the stock stood at 8.87 per cent. Traded volume on the counter stood at 10:00AM shares and turnover at Rs 3.76 crore around that time. The stock of Zee Entertainment Enterprises Ltd. quoted a 52-week high price of Rs 286.9 and 52-week low prices of Rs 176.6, respectively.

The stock's Beta value, which measures its volatility in relation to the broader market, stood at 0.98.

Promotor/FII Holding
Promoters held 0.22 per cent stake in the company as of 31-Mar-2023, while overseas investors held 36.39 per cent and domestic institutional investors had 27.88 per cent.

Key Financials
The company reported consolidated sales of Rs 2127.23 crore for the quarter ended 31-Dec-2022, up 3.97 per cent from previous quarter's Rs 2046.0 crore and up 0.15 per cent from the year-ago quarter's Rs 2130.44 crore. Net profit after tax for the latest quarter stood at Rs 24.32 crore, down 91.86 per cent from the same quarter a year ago.

Technicals
The MACD signalled a bearish bias on the counter. The MACD is known for signalling trend reversals in traded securities or indices.
It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on topof the MACD to reflect "buy" or "sell" opportunities. When the MACD crosses below the signal line, it gives a bearish signal, indicating that the price of the security may see a downward movement and vice versa.