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Shares in Zee News zooms

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Shares in Zee News rose over 30 percent in intra-day trade before closing 27 percent higher at 18.25 rupees after it demerged its General Entertainment Channel business.

Zee News has approved the scheme of arrangement between the company, Zee Entertainment Enterprises and their respective shareholders and creditors, for demerger of the Regional General Entertainment Channel Business undertaking of the company.

“The analyst community is pegging the fair value of Zee News between Rs 20-22, so I do not know how attractive it becomes to enter at Rs 18,” says Sharmila Joshi of Emkay Global Financial Services.

The counter was the top mid-cap index gainer with volumes of over 67 million shares.

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