Promoters Bought 74,87,000 Shares: Heavy Buying Penny Stock Under Rs 25, Scrip Hit 5 Per Cent Upper Circuit; Do You Have It?
The company’s promoters bought 74,87,000 shares and increased their stake to 1.62 per cent in September 2024 compared to 0.42 per cent in June 2024.
On Wednesday, shares of Zee Media Corporation Limited hit a 5 per cent upper circuit to Rs 20.10 per share from its previous closing of Rs 19.15 per share. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 10 per share. The company’s promoters bought 74,87,000 shares and increased their stake to 1.62 per cent in September 2024 compared to 0.42 per cent in June 2024.
Zee Media Corporation Ltd (ZMCL), established in 1999, is a major player in the Indian news and broadcasting industry. With a presence across television and digital platforms, ZMCL reaches a vast audience. Their core business lies in broadcasting news, current affairs and regional entertainment channels.
ZMCL boasts an impressive network of 15 news channels, including a global channel, 3 national channels and 11 regional channels. This extensive reach caters to viewers across India and provides diverse news coverage in multiple languages. Additionally, their digital platform, Zeenews.com, offers news in 9 languages, further expanding their reach to over 280 million users.
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Zee Media Corporation Limited has taken a significant step towards expanding its technological capabilities by investing in Flutrr Digimate Private Limited. This strategic move, facilitated by Zee Akaash News Private Limited, involves a substantial investment of Rs 3,75,22,391 in equity shares and convertible warrants of Flutrr. This investment is not a related party transaction and is expected to be finalized by the end of December 2024. Additionally, Zee Media has issued warrants worth Rs 200 crore to non-promoter entities, including foreign institutional investors like UNICO Global Opportunities Fund Limited, AL Maha Investment Fund PCC - Onyx Strategy, and Ebisu Global Opportunities Fund Limited, showcasing strong investor confidence in the company's future growth prospects.
Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.