Result Update: ZEE Entertainment Enterprises Ltd - SELL - TP Rs.506 - Kotak

ZEEL has reported in-line operating financials for 1QFY18. Results were on expected lines, affected adversely by GST rollout. Weakness in advertising revenues is likely to spill-over to an extent into 2QFY18 as well. Recent improvement in the ratings of the flagship channel (Zee TV) has led to an appreciation in the stock - we raise our price target to Rs 506 (Rs 470 earlier) in recognition of this. We note that there is significant likelihood of fresh pressure emerging on ratings (fresh programming initiatives from Colors, Sony); uncertainties relating with implementation of tariff order persist. Maintain SELL.

Shares of ZEE ENTERTAINMENT ENTERPRISES LTD. was last trading in BSE at Rs.529.2 as compared to the previous close of Rs. 538.65. The total number of shares traded during the day was 77990 in over 1990 trades.

The stock hit an intraday high of Rs. 538.65 and intraday low of 525.7. The net turnover during the day was Rs. 41318192.

Source : Equity Bulls

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