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This is why Zee Entertain Share Price Spiked 40 Percent – Check out full story

Share market is all about ups and downs, we saw biggest fall of share market during the first lockdown, and we saw rise and rise of Reliance industry during the Unlock phase where many international companies had invested in Reliance. There is another phase where Zee Entertain Price was falling day by day and later on Monday 14th September, we saw Steep rise in the Zee Entertains Share price.  40Percent Spike in just 3 Trading sessions means if you had invested 1lakh then in just 3 session you could have earned 40 thousand and we know that person who have brought 50lakh share of Zee and earned 20 crores in just one day.

Must be wonder what caused this?
There are multiple factors to this sharp Rise in price of Zee Entertains share price. First is the AGM of ZEEL. The 39th annual general meeting (AGM) of the equity shareholders took place on Monday 14th September. As an outcome of the AGM The board has announced the removal of three directors including Zeel’s CEO Punit Goenka and the board has approved to appoint six new independent directors as result of this Share price of Zee got some boost. This is one factor. Apart from Hiring new Directors couple of existing directors has also resigned just day before the AGM which includes Ashok Kurien and Manish Chokhani both has resigned and board isn’t considering their reappointment.

Zee share price Punit goenka with Rakesh jhunjhunwala

Another factor is the Veteran of Share Market Mr. Rakesh Jhunjhunwala.

Jhunjhunwala saw trading opportunity here and invested around 110 crores on the day of AGM. Ace Investor Rakesh Jhunjhunwala through his trading firm Rare enterprises Ltd. Has brought 50lacs shares of Zee Entertain at the price of 220.44 per share through bulk deal transactions. This large buying boosted zee’s share price on the day of AGM and in just a 3-session price gone up by 40percent. Jhunjhunwala’s stacks valued up and earned 20crore in just a single day. The share price went up from 186Rs. to 261Rs. However, on the very next day price fall by 3percent and come down to 246Rs.

One Last factor is BofA Securities Europe SA,

It seems like Europe’s investment firm BofA Securities Europe SA has imitated Rakesh Jhunjhunwala and brought 48.65lacs share of Zeel at a price of 236.2 by walking on the Jhunjhunwala’s path firm earned Eleven percent return in just one day. Fundamentally the stock looks good as the corporate governance issues are now solved and zee’s long standing market position has helped to regain the lost valuation along with zee has high potential growth in OTT Platform which is Zee5 and company’s Transition to Digital offers good opportunity for long term growth.

Leading trading firm Sharekhan has given a buy rating to Zee Entertain shares. Sharekhan is bullish on ZEEL and recommended buy rating with target price of 310Rs. Well we have to wait and watch whether the price is touching 300 mark or not.

After reaching all time high mark of Rs.619 in Feb 2018 Zee entertain’s share has went down for next two years and priced at 114 in the first lockdown in March 2020.  

 

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