ZEE gains 5% in weak market on strong June quarter performance

Shares of Zee Entertainment Enterprises (ZEE) surged 5 per cent to Rs 379 in Wednesday’s intra-day trade on the BSE in an otherwise weak market riding on the company’s strong June quarter performance.

The media and entertainment company posted 54 per cent year on year (YoY) jump in its consolidated net profit of Rs 530 crore in Q1FY20, on lower taxes and improved operating performance as compared to a profit of Rs 344 crore in the year-ago quarter.

ZEE posted revenue growth of 13 per cent YoY to Rs 2,001 crore in Q1FY20, on the back of surge in subscription revenue by 37 per cent YoY to Rs 709 crore.