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On November 29, the Nifty and Sensex rebounded strongly, with the Sensex rising 759 points to 79,803 and the Nifty gaining 217 points to 24,131, driven by gains in pharma, infrastructure, energy, and auto stocks. Zee Entertainment shares surged 5% after shareholders rejected CEO Punit Goenka's reappointment, while Divi's Laboratories rose 4% following a bullish report from Citi. Adani Group stocks jumped up to 20% after being included in the NSE's F&O segment, and Easy Trip Planners saw a 10% increase after announcing a 1:1 bonus share issue. Conversely, CreditAccess Grameen fell 8.5% after a downgrade from Goldman Sachs, which revised its target price significantly lower.
Shares of Zee Entertainment Enterprises have plummeted over 50% in the past year following the cancellation of a potential $10-billion merger with Sony Pictures in January 2024. Legal action has ensued between the companies due to unmet commitments related to the deal.
In a notable instance of retail shareholder activism, Zee Entertainment's small investors successfully blocked the reappointment of Punit Goenka as a director during the AGM, with 50.5% voting against him. Despite securing majority support from institutional investors, where 52% favored his appointment, a striking 88% of retail investors opposed it, reflecting dissatisfaction following a failed $10-billion merger with Sony. This marked a significant turnout, with 13% of retail shareholders participating, compared to the usual 3-5%.
Zee Entertainment shareholders voted against the reappointment of Punit Goenka as a Director during the annual general meeting, with the proposal failing by a narrow margin of 50.4% to 49.5%. The company stated that the resolution did not achieve the required majority as per the Companies Act, 2013, and SEBI regulations. Analysts had previously indicated that institutional shareholders would be pivotal in determining Goenka's future at the company.
Proxy advisors are urging Zee Entertainment Enterprises Ltd. (ZEEL) shareholders to oppose the reappointment of Goenka and the adoption of financial statements at the upcoming AGM on November 28. With the promoter group holding only 4 percent, public shareholders, particularly institutional investors, will be crucial in determining the outcome, as both resolutions require 51 percent approval to pass.
Zee Entertainment Enterprises Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
stocks rebound as pharma and infrastructure lead market gains on november 29
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