Zee Entertainment good to buy as concerns over corporate governance will be put to bed after managem …

zee entertainment good to buy as concerns over corporate governance will be put to bed after management change say analysts

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

  • Shares of Zee Entertainment Enterprises gave 40% returns in one trading session and today the stock is up 4% as analysts turn positive on the stock.
  • Analysts believe resignations of independent directors have brought back investor confidence and triggered the stock for good.
  • After resignations of two independent directors, thousands of investors picked up Zee Entertainment’s stock, on Tuesday, including marquee investor Rakesh Jhunjhunwala.
  • BrokeragesStock ratingDolat CapitalBUYKotak Institutional EquitiesBUYDeen Dayal InvestmentsBUYAll 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.
  • 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.

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