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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.
Zee Entertainment Enterprises Ltd. saw its shares rise by 7.8%, the highest increase in over five weeks, after shareholders voted against the re-appointment of Punit Goenka, the founder’s son and CEO, as a board director. The company reported that 50.46% of the votes cast were against Goenka's reappointment, reflecting investor sentiment.
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 Enterprises Ltd (ZEEL) shares surged 5% to Rs 132.69 on November 29, following the rejection of Punit Goenka's reappointment as director by shareholders. In the annual general meeting, only 49.54% of votes supported the resolution, while 50.4% opposed it.
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.
Shares of Zee Entertainment Enterprises Ltd (ZEEL) surged over 7% following Punit Goenka"s resignation as Managing Director, with his new role as Chief Executive Officer aimed at enhancing operational focus. The stock reached an intraday high of Rs 123.89 on the National Stock Exchange after the announcement.
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stocks rebound as pharma and infrastructure lead market gains on november 29
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