Brokerages see more upside for ZEEL stock amid easing investor concerns

Though the stock has gained 35% over the past month, given that target prices of brokerages range between Rs 410-Rs 450 a share, there is still an upside of over 37% likely from the current levels

The stock of the country's largest listed broadcaster, Zee Entertainment Enterprises (ZEEL), was up nearly 17 per cent in trade on Thursday. The gains came after Invesco, its single largest shareholder, decided not to press for an extraordinary general meeting (EGM). The global investment management firm had in September last year asked for an EGM to remove three directors, including MD Punit Goenka and reconstitute the board by appointing six independent directors.

Invesco group (Invesco Developing Markets Fund and OFI Global China Fund LLC), which owns 17.88 per cent in ZEEL, highlighted that the reconstituted board of the merged entity