Rebound in advertising, viewership help Zee Entertainment stock recovery

Macquarie Capital expects Dish TV, a Zee subsidiary, to report a Rs 300 crore free cash flow in FY21

The Zee Entertainment Enterprises stock has gained 14 per cent over the last two weeks on expectations of a gradual uptick in advertising growth, increase in viewership share and hopes of a recovery of dues from group companies such as Dish TV.

Despite the recent recovery, the stock has been a key underperformer over the last six months, compared with the benchmark indices and the S&P BSE100 index. While the shares of the largest listed media company gained about 12 per cent during this period, the two indices are up over 33 per cent each.

The share pledge overhang, provisions related to