Zee entertainment shares surge by 7.5 per cent on NSE (National Stock Exchange), after the company's resolution for Punit Goenka to reaapoint as director was defeated by 50.45 per cent shareholders who voted against the resolution.
The share touched a day high level of Rs 132.69 per share after hitting the opening bell at Rs 129.00 per share on the NSE (National Stock Exchange), with 4.7 per cent surge amounting to Rs 5.89 per share on the opening bell level.
ZEEL shares were trading around Rs 129.58 per share on the Indian bourses with a surge of 5.26 per cent amounting to a Rs 6.47 per share on the exchanges.
Proposed resolutions
Zee Entertainment Enterprises Ltd. (ZEEL) stated in a regulatory filing on Thursday that the resolution to re-appoint Goenka as a director was defeated at the annual general meeting (AGM) of the company.
Exchange Filling
Just 49.54 per cent of the vote went in favor of the resolution, and 50.4 per cent opposed Goenka's reappointment as director. In addition to the resolution of declaring a dividend of Rs 1 per equity share; the shareholder voted 97 per cent in favor of dividend, against 2.3 per cent shareholders who voted against.
Exchange filling
ZEEL Q2 FY25
For the second quarter of the fiscal year (Q2 FY25), Zee Entertainment Enterprises (ZEEL) reported a net profit of Rs 209.4 crore on Friday, up 70.2 per cent year over year (Y-o-Y).
For the same quarter last year, the Mumbai-based company's revenue dropped by almost 18 per cent to Rs 2,000.7 crore from Rs 2,437.8 crore.
Before interest, taxes, depreciation, and amortisation, the entertainment giant's earnings were Rs 109.1 crore, a 16.8 per cent year-over-year decline. It asserted that the primary drivers of the decline in operating costs were decreased programming and technology expenditures.
At Rs 33.7 crore, ZEEL's other revenue decreased 53 per cent year over year. On a sequential basis, other income increased by 77.4 per cent.
