Sell Zee Entertainment Enterprises, target price Rs 218.0 : Religare Broking

Religare Broking has sell call on Zee Entertainment Enterprises with a target price of Rs 218. The current market price of Zee Entertainment Enterprises is Rs 236.7. Religare Broking recommended to keep stoploss at Rs 246.

Zee Entertainment Enterprises, incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 22701.88 Crore) operating in Media & Entertainment sector.

Zee Entertainment Enterprises key Products/Revenue Segments include Income From Advertisement, Subscription Income, Theatrical Exhibition, Television Content, Transmission Revenue, Commission and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 2046.00 Crore, up 8.86 % from last quarter Total Income of Rs 1879.53 Crore and up 1.77 % from last year same quarter Total Income of Rs 2010.47 Crore. Company has reported net profit after tax of Rs 112.94 Crore in latest quarter.

The company’s top management includes Dr.Subhash Chandra, Mr.R Gopalan, Mr.Punit Goenka, Mr.Piyush Pandey, Mr.Adesh Kumar Gupta, Mr.Alicia Yi, Mr.Sasha Mirchandani, Mr.Vivek Mehra. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-06-2022, the company has a total of 96 Crore shares outstanding.

Investment Rationale
After failed attempts to reclaim major moving averages, it has been trading with negative bias.

Promoter/FII Holdings
Promoters held 3.99 per cent stake in the company as of 30-Jun-2022, while FIIs owned 39.18 per cent, DIIs 30.53 per cent.