Zee Entertainment shares in news today after Quant Mutual Fund sells stake

Shares of Zee Entertainment Enterprises Ltd are in news today after Quant Mutual Fund sold 48.15 lakh equity shares or half a percent stake in the media & entertainment company, via open market transactions. The transaction was carried out at an average price of Rs 266.61 per share. The value of the stake sale deal was Rs 128.38 crore.  

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Zee Entertainment shares ended 0.53 per cent higher at Rs 266.20 against the previous close of Rs 264.80 on Wednesday. The large cap stock opened flat at Rs 264.90 in the previous session.  

Total 3.88 lakh shares of the firm changed hands amounting to a turnover of Rs 10.35 crore. Market cap of Zee Entertainment rose to Rs 25,569 crore. 

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The stock hit a 52-week high of Rs 290.05 on August 10, 2023 and a 52-week low of Rs 172.25 on June 20, 2023 on BSE. 

The share has gained 3.62 per cent in one year and risen 9.48 per cent since the beginning of this year. In a month, the stock has climbed 8.61 per cent. 

In terms of technicals, the relative strength index (RSI) of Zee Entertainment stands at 61.3, signaling trading neither in the oversold nor in the overbought zone. Zee Entertainment stock has a one-year beta of 1.2, indicating very high volatility during the period. Zee Entertainment shares are trading higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day and 10 day moving averages.

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Zee Entertainment reported a loss of Rs 53.4 crore in the June quarter of the financial year 2024 as against Rs 106 crore profit posted in the same period last year. The company's advertising revenue came in at Rs 901.8 crore, down 6.4 per cent quarter-on-quarter and 2.6 per cent year-on-year.