ZEEL shares jump 10%

New Delhi: Shares of Zee Entertainment Ltd (ZEEL) settled 10 per cent higher on Thursday amid reports that the firm has agreed to repay the dues to IndusInd Bank.

The stock zoomed 10 per cent higher to end at Rs 207.95 apiece on the NSE.

On the BSE, it spurted 9.26 per cent to close at Rs 206.55 per share. During the day, the stock also hit its upper price band on the bourse.

In volume terms, 13.23 lakh equity shares of the firm were traded on the BSE and over 2.25 crore shares on the NSE during the day.

The 30-share BSE Sensex gained 78.94 points or 0.14 per cent to settle at 57,634.84 points.

According to reports, ZEEL has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it, and move towards completing the proposed merger with Sony Group.

"It is positive news as this will make the road to merge with Sony easier for Zee since it was a hurdle for Zee. Any such news brings Zee closer to seal this merger.

"NCLT approval shall be the final step towards completion of the merger. Positive for the stock," Ashwin Patil, Senior Research Analyst at LKP Securities, said.