Zee Leisure inventory hits higher circuits, rallies 25%; makes Rakesh Jhunjhunwala Rs 50 cr richer in 1 week

Rakesh Jhunjhunwala has earned a mark-to-market revenue of Rs 50 crore in eight days on his share buy of Zee Leisure Enterprises Ltd. Final week, amid Zee Leisure Enterprises boardroom tussle, Rakesh Jhunjhunwala’s Uncommon Enterprises purchased 50 lakh shares of ZEEL at Rs 220.44 per share in bulk offers. At the moment, ZEEL inventory surged to a recent excessive of Rs 321 apiece, rallying over 25 per cent from the earlier shut, after the corporate’s Board of Administrators authorised a merger with Sony Photos Networks India. With right this moment’s acquire within the share worth, Jhunjhunwala has earned a revenue of over Rs 100 per share, totalling Rs 50 crore.

The Board of Administrators of ZEEL has additionally authorised the execution of a non-binding time period sheet with Sony Photos which is able to enable Punit Goenka to carry his chair for a interval of 5 years. With this, Punit Goenka will retain his place as MD and CEO of ZEE group, keeping off Invesco’s try to get him off the Board. The merged entity and its administration staff will profit tremendously from ZEEL’s competence in content material manufacturing and deep buyer connections, in addition to Sony’s success throughout leisure genres, Likhita Chepa, Senior Analysis Analyst, CapitalVia World Analysis, advised Monetary Specific On-line. Chepa added that this would possibly improve the shareholders’ worth multifold over the long run thereby strengthening its prospects.

It could be famous that Rakesh Jhunjhunwala or Uncommon Enterprises identify doesn’t determine within the shareholding sample of ZEEL as names of solely these entities are proven that personal over 1 per cent stake within the firm.

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Analysts have advisable buyers to stay cautious after the sudden surge within the Zee Leisure inventory worth. “We suggest buyers to be cautious as ZEEL rallied over 78 per cent from Rs 170 within the final one month, and as of now valuations aren’t disclosed by the ZEEL,” Yash Gupta, Fairness Analysis Analyst, Angel Broking, stated. Analysts count on ZEEL to get considerably re-rated. It presently trades at 23x/19x FY22/FY23 earnings, Ashwin Patil, Senior Analysis Analyst, LKP Securities, stated.

Final week, other than Uncommon Enterprises, BofA Securities Europe SA bought 48.65 lakh shares of ZEEL at a mean worth of Rs 236.2 apiece, and Soar Buying and selling Monetary India Pvt Ltd purchased 1.02 crore shares at a mean worth of Rs 236.50 and offered at a worth of Rs 236.66 apiece.

(The inventory suggestions on this story are by the respective analysis analysts and brokerage corporations. Monetary Specific On-line doesn’t bear any duty for his or her funding recommendation. Capital markets investments are topic to guidelines and rules. Please seek the advice of your funding advisor earlier than investing.)

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