As part of the agreement, Zee Entertainment’s current promoters will be allowed to raise their stake to 20 per cent from little over 4 per cent currently while current CEO Punit Goenka will remain CEO of the merged entity.

The stock quoted a 52-week high price of Rs 5122.0 and a 52-week low of Rs 1762.4.

A total of 30,444 shares changed hands on the counter till 01:07PM (IST)

The Relative Strength Index of the stock stood at 76.24 on Wednesday.

As of 30-Jun-2021, promoters held 74.36 per cent stake in the company, while FIIs held 16.99 per cent and domestic institutional investors had 2.02 per cent.

“The merged entity will be the number one player in the entertainment space with more than 35% to 40% market share. Of this, Zee has about 18-19% share. ”

The Fed is due to release its latest policy statement and economic projections at 2 p.m. EDT (1800 GMT), with Fed Chair Jerome Powell holding a news conference half an hour later to discuss the outcome.

A total of 30,394 shares changed hands on the counter till 11:23AM (IST).

Patil of LKP Securities said the deal may actually earn ZEE a significant re-rating. The stock last traded at 23 times FY22 and 19 times FY23 earnings.

Infosys Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 737588.47 Crore) operating in IT Software sector.