Equity Alert: Zee Entertainment dn 4%; Macquarie retains outperform

[K.Karthik Raja]

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Equity Alert: Zee Entertainment dn 4%; Macquarie retains outperform
MUMBAI--11:35AM--Shares of Zee Entertainment Enterprises were down
4% at
233 rupees on profit sales after rising 8% in last three sessions,
dealers said.
"The shares are likely to be range bound next week. One can enter
the stock
at 215-220 rupees," a senior dealer at a domestic brokerage said.
Intraday support for Zee Entertainment is seen at 229 rupees, the
dealer
said.
Wednesday, the company said it is planning to hive off Zee Next
into a
separate entity.
Brokerage Macquarie sees "potential uplift for ZEEL from Zee Next
hive-off."
The company's stock is at its lowest valuation in two years,
Macquarie
said in a note to clients.
It retained "outperform" rating on the stock with the price target
of 260
rupees.
On NSE, 245,132 shares of Zee Entertainment have been traded so
far today.
June futures of the contract was at par with its spot price with
open
interest rising 3.3%.
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