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Zee Entertainment, Zomato, Medplus Health and other hot stocks on December 23

Nazara Tech, Zee Entertainment, Titan and hot stocks to watch on October 7

<ul><li><keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> saw its stock price fell 3% in today's trade on a letter from <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword> demanding an extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit.</li><li>Earlier this month, Invesco and Oppenheimer Funds had also asked for the removal of <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword>, the chief executive and managing director of Zee Entertainment, from the company’s board.</li><li>Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported.</li></ul>Zee Entertainment Enterprises Ltd. saw its shares fall 3% to ₹309 apiece on Monday morning as its largest shareholder, US-based Invesco Fund, has reportedly insisted that the board hold its extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit. The development, reported by <a href="https://www.bloomberg.com/news/articles/2021-09-26/invesco-renews-demand-for-zee-entertainment-board-reshuffle">Bloomberg</a> on Monday, said that Invesco and Oppenheimer Funds, in a September 23 letter, renewed their demand to convene an EGM to replace the board at Zee. A similar demand was made by Invesco on September 11. “A newly constituted board supported with the strength of independence will be best suited to evaluate and oversee the potential for strategic transactions,” according to the Sept. 23 letter from Aroon Balani, vice president of Invesco, as cited by Bloomberg. Earlier this month, the funds had also asked for the removal of Punit Goenka, the chief executive and managing director of Zee Entertainment, from the company’s board, citing issues with corporate governance at the firm. The letter also demanded removal of independent directors, Ashok Kurien and Manish Chokhani, who later resigned from the board. Despite Invesco’s letter, Zee went ahead and announced the company’s merger with Sony Pictures Networks India on September 22. Based on disclosures filed with exchanges, Sony will hold a majority stake of 52.93% in the merged entity and infuse growth capital of about $1.6 billion once the deal closes. Zee shareholders, post the deal, will hold the balance 47.07% in the merged entity. Since the deal announcement on September 22, the stock has fallen as much as 8% to ₹309 on Monday. <div type="image" title="zee ent." msid="86547179" hostid="261"></div> As part of the transaction, Goenka will continue to be the managing Director and chief executive of the company, it said. Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Tesla's 'Full Self Driving' Beta programme request button goes live</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Those who have held these stocks for a decade have only lost money</a>

Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal

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<ul><li>Two independent directors on the board of <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> Enterprises -- Ashok Kurien and Manish Chokhani have resigned on Monday.</li><li>This comes after proxy advisory firm Institutional Investors Advisory Services (IiAS) raised serious corporate governance concerns in the company by asking shareholders not to vote for re-appointing the duo on the company’s board.</li><li>Shares of the company have surged 20% as analysts feel this is a positive for the company.</li></ul>Overnight, two independent directors resigned from Zee Entertainment Enterprises’ board after the broadcaster’s largest shareholder Invesco ⁠— the foreign portfolio investor holds 7.7% stake in the company ⁠— demanded their resignation along with that of the managing director Punit Goenka. This comes after proxy advisory firm Institutional Investors Advisory Services (IIAS) highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. <div type="image" title="zee ent chart 2" height="900" width="1200" msid="86190152" hostid="261"></div> The company had, at the time, refuted the charge of a lapse in corporate governance. “Maybe they resigned because they did not expect to be reappointed with sufficient votes. And I suspect they realised they have lost the confidence of the investors,” Amit Tandon, the founder and managing director at IIAS, told Business Insider on September 14. Invesco has called for an extraordinary general meeting seeking to remove Punit Goenka, currently the MD, from the board and two independent directors. It also asked for appointment of six other nominees on the board. This happens ahead of the company’s annual general meeting today. “We believe that the board must bring in the right mix of professionals who have an understanding of the media and the digital business. Further, having the erstwhile promoters on the board may impede the directors’ ability to take hard decisions,” IIAS had reportedly said earlier. The proxy firm held the independent directors’ responsible for significant erosion in the shareholder wealth. Zee Entertainment’s share price had lost over a quarter of its value between June 15 and August 26 before it started crawling back. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sansera-engineering-ipo-is-opening-from-today-and-closes-on-september-16/articleshow/86189006.cms">INTERVIEW: An auto parts maker for Maruti, Bajaj and Honda is betting that Indian car makers will take a leaf out of Tesla’s playbook</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/lenskart-vision-fund-will-invest-20-million-in-eye-technology-startups/articleshow/86188885.cms">Lenskart is setting aside $20 million for technologies like instant glasses, spectacles for the colourblind and other breakthrough ideas</a>

Zee Entertainment hits 33% after two independent directors resign on investor’s demand

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Vodafone Idea, Zee Entertainment, Airtel and other top stocks to watch out for on September 23

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Tata Steel, Sun Pharma, Zee Entertainment, Coal India and other stocks to watch out for on November 12

<ul><li>Shares of <keyword id="141413" type="General" weightage="20" keywordseo="zee-entertainment-enterprises" source="Orion">Zee Entertainment Enterprises</keyword> gave 40% returns in one trading session and today the stock is up 4% as analysts turn positive on the stock.</li><li>Analysts believe resignations of independent directors have brought back investor confidence and triggered the stock for good.</li><li>Moreover, talks of potential takeover of the company have also added to the optimism around the company’s stock.</li></ul>After resignations of two independent directors, thousands of investors picked up <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword>’s stock, on Tuesday, including marquee investor Rakesh Jhunjhunwala. This is because resignations of independent directors brought focus back to the company's growth and an end to concerns over corporate governance. Moreover, <a href="https://www.livemint.com/companies/news/zee-entertainment-stock-surges-on-takeoverhopes-11631646395943.html">talks </a>of potential takeover of the company have also added to the optimism around the company’s stock. Post the resignations, several brokerages that were negative on the stock or had recommended a sell or reduce rating turned positive. This sudden change in the investor mindset boosted the company's stock by 40% in one trading session. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Stock rating </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dolat Capital </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Deen Dayal Investments </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr></tbody><tbody></tbody><tbody></tbody></table> All this, after the broadcaster’s largest shareholder Invesco, which holds 7.7% stake in the company, demanded resignation of Ashok Kurien and Manish Chokhani along with that of the managing director Punit Goenka. This was followed by a report from proxy advisory firm Institutional Investors Advisory Services (IIAS) that highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. "We have persistently highlighted in our notes of potential change in management, improvement in cash flows and traction in digital business as key re-rating triggers. With one of the key triggers getting activated we upgrade our target multiple from with the target price of ₹328 (vs. ₹204 earlier) and rating to BUY (from Reduce)," said Dolat Capital according to media reports. Zee Entertainment Enterprises may attract more investors if the concerns raised by Invesco get addressed, said Abneesh Roy of Edelweiss Securities in an interview with CNBC-TV18. However, Roy thinks Zee shares going back to ₹600 apiece currently looks difficult as volatility continues, while valuation re-rating will happen and shares will go beyond the target price of ₹343. He expects further improvement in market share for Zee next quarter onwards. Karan Taurani, senior vice president-research analyst, Elara Securities said that if the new management does come in, we do see a re-rating trigger here, which means stock price would rise. “Looking at the peer comparison in terms of growth and valuations, Zee as a company has not done that bad. The performance metrics have deteriorated in the last two and a half to three years because they would always outperform the industry growth rate but now, they are coming almost at par with the industry growth rate,” said Taurani. Analyst Jaykumar Doshi at Kotak Institutional Equities has upgraded the stock to BUY (from REDUCE). “Zee’s valuations have been constrained by governance concerns and structural risks. The market has ascribed negative value to ZEE5 due to a lack of confidence in the management. Irrespective of how this plays out, we expect a re-rating,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-stocks-that-are-into-clean-and-renewable-energy-supporting-the-climate-change-wave/slidelist/86220985.cms">5 multibagger stocks that are into clean and renewable energy supporting the climate change wave</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/long-before-mukesh-ambani-set-his-eyes-on-the-millions-of-mom-n-pop-stores-a-bunch-of-e-commerce-startups-were-preparing-the-ground-they-are-now-getting-their-due/articleshow/86220950.cms">Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due</a>

Zee Entertainment good to buy as concerns over corporate governance will be put to bed after management change, say analysts

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You Searched For "zee ent share price" and got 14 results

Zee Entertainment, Zomato, Medplus Health and other hot stocks on December 23

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Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal

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Zee Entertainment hits 33% after two independent directors resign on investor’s demand

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Zee Entertainment good to buy as concerns over corporate governance will be put to bed after management change, say analysts

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