Price of this stock doubled in a month, Rakesh Jhunjhunwala also bought 50 lakh shares

Multibagger Stock: Zee Entertainment Enterprises Limited’s stock has more than doubled in a month. On 23 August 2021, it was at Rs 170, but in today’s business it has climbed to around Rs 360. At this time (around one and a half o’clock) the share of Zee Entertainment is around Rs 318. The stock was close to Rs 225 on January 1. According to this, this stock has climbed about 44 percent so far in 2021.

Rakesh Jhunjhunwala has bought 50 lakh shares of the company in a wholesale deal worth Rs 110.22 crore. He bought the shares at Rs 220.4, the value of his stake in Zee Entertainment Enterprises Ltd has increased by more than 50% in the last one week so far. Apart from Jhunjhunwala, Bank of America Securities Europe SA also bought 48.7 lakh shares at Rs 236.2 in a wholesale deal worth around Rs 115 crore.

After the announcement of merger of Zee Zee Entertainment Enterprises Ltd with Sony Pictures Networks India (SPNI), its shares rose over 40 per cent to reach a new 52-week high of Rs 362.90 on the BSE. The Board of Directors of Zee Entertainment has approved the merger between Sony Pictures and Zee Entertainment Enterprise Limited.

The deal between Zee Entertainment and Sony Pictures will combine their linear network, digital assets, production operations and program libraries. As part of the deal, Zee and Sony will work together and finalize certain agreements during a special period of 90 days. The merged company will be a public listed company in India.

Brokerage Sharekhan has a buy call on Zee Entertainment Enterprises with a target price of Rs 400. According to Sharekhan, the company will use the growth capital to accelerate the development of its digital platform and invest in core content, including sports.

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