Zee Entertainment soars after Punit Goenka steps down as MD

Zee Entertainment Enterprises jumped 8.44% to Rs 125.25 after announcing a leadership rejig.

Punit Goenka, the company's managing director, has stepped down from his position to focus solely on his role as CEO. This decision, according to the company, is aimed at enhancing operational focus and driving growth across core business segments.

Additionally, Mukund Galgali, the company's chief financial officer, will also assume the role of deputy CEO, effective immediately. He will continue to report to Goenka.

Goenka's decision comes just days before the company's 42nd Annual General Meeting (AGM) on November 28th, where shareholders where shareholders were scheduled to vote on his reappointment as MD and CEO for another five-year term. While he has relinquished the MD position, Goenka's continued presence on the board of directors will be determined by shareholder approval at the AGM.

 

This leadership reshuffle has sparked market interest, with ZEEL's stock price surging today. Investors are closely watching the upcoming AGM to assess the impact of these changes on the company's future direction and performance.

Zee Entertainment Enterprises is a leading content company offering entertainment content to diverse audiences. With a presence in over 190 countries and a reach of more than 1.3 billion people around the globe, ZEEL is among the largest global media & entertainment companies across genres, languages, and integrated content platforms.

The companys consolidated net profit from continuing operations surged by 61.28% to Rs 209.5 crore in the second quarter of fiscal year 2025, compared to Rs 129.9 crore in the same period last year. However, total income declined by 18.94% to Rs 2,034.4 crore, down from Rs 2,509.6 crore in Q2 FY24.

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