Zee Entertainment shares skyrocket 15%; what made bulls go into party mood?

MUMBAI – Zee Entertainment Enterprises (ZEEL) shares wiped out the day’s losses and surged 15% to an over 6-month high of Rs 278.55. Investors drew comfort from the National Company Law Tribunal’s (NCLT’s) approval to the proposed merger of the company with Sony Pictures.

The merger deal was announced by the media major in 2021, but it has seen an unexpected delay due to Zee’s several legal battles with lenders and market regulator Securities and Exchange Board of India (Sebi).