Zee jumps 4% on brokerages' thumbs-up
The media firm reported 50.26 per cent year-on-year rise in consolidated profit.
By ETMarkets.com | Updated:
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NEW DELHI: Shares of Zee Entertainment Enterprises jumped over 4 per cent on Wednesday, a day after the media conglomerate posted better-than-expected financial results for the December quarter.
The media firm reported 50.26 per cent year-on-year rise in consolidated profit at Rs 562.38 crore for the quarter under review against Rs 374.26 crore in the same period last year.
Cost control and robust advertising and subscription revenues helped Zee exceed Street estimates by a fair margin.
Global brokerage CLSA has maintained a 'Buy' call on the stock with a target price of Rs 670 after highlighting strong growth in TV and encouraging ramp-up in ZEE5.
HSBC retained 'Hold' on Zee, but increased target price to Rs 485 from Rs 460 earlier. Macquarie and Credit Suisse have 'Outperform' on the stock with a target price of Rs 564 and Rs 560, respectively.
The stock closed 0.84 per cent down to Rs 452.85 on BSE.
The media firm reported 50.26 per cent year-on-year rise in consolidated profit at Rs 562.38 crore for the quarter under review against Rs 374.26 crore in the same period last year.
Cost control and robust advertising and subscription revenues helped Zee exceed Street estimates by a fair margin.
Global brokerage CLSA has maintained a 'Buy' call on the stock with a target price of Rs 670 after highlighting strong growth in TV and encouraging ramp-up in ZEE5.
HSBC retained 'Hold' on Zee, but increased target price to Rs 485 from Rs 460 earlier. Macquarie and Credit Suisse have 'Outperform' on the stock with a target price of Rs 564 and Rs 560, respectively.
The stock closed 0.84 per cent down to Rs 452.85 on BSE.
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