Foreign brokerages turn bullish on Zee Entertainment after stock crash

With growth prospects strong, valuations are 45% lower than 10-year average

Investors should buy shares of Zee Entertainment Enterprises (ZEEL) despite the uncertainties related to promoter pledges and stake sale to reduce promoter debt, say brokerages.
 
Foreign brokerages CLSA, Nomura and Deutsche Bank, after the management call on Friday, turned bullish on the stock, given attractive valuations and strong growth prospects.
 
The stock of India’s largest listed media company lost 26.4 per cent on Friday and, since its highs over the past year, has shed about half its market capitalisation.
 
The stock fell on worries that promoter pledges had been invoked by lenders and a report on The