Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies’ linear networks, digital assets, production operations and programme libraries.
The stock jumped 31.86 per cent to close at Rs 337.10 on the BSE. During the day, it rallied 39 per cent to its 52-week high of Rs 355.40.
On the NSE, it zoomed 30.50 per cent to close at Rs 333.70. The company’s market valuation also jumped Rs 7,823.98 crore to Rs 32,378.98 crore on the BSE.
Buying was also there in other group stocks, with Zee Learn zooming 14.30 per cent and Zee Media Corporation gaining 4.92 per cent on the BSE.