Shares of Subhash Chandra-controlled Zee Learn Ltd surged by more than 16% intra-day, as the shares saw strong action on the exchanges.
Shares of Subhash Chandra-controlled Zee Learn Ltd surged by more than 16% intra-day, as the shares saw strong action on the exchanges. Notably, the shares have returned just 20% since January, after incorporating the gains made today. Yesterday, the shares closed at 43.55 on NSE. The shares retreated to Rs 47.25 on NSE after hitting an intra-day high of Rs 51. Notably, 2,63,84,533 shares have traded hands in the session far.
While it could not be ascertained as to why the stock is seeing increased activity, news reports suggest that investors and traders are most likely gearing up for the next round of company earnings reports. Investors have the ability to follow sell-side analysts who regularly cover certain companies.
Track live stock price: Zee Learn Ltd
Earlier this month, Zee Learn was reportedly in talks with MT Educare, to buy a controlling stake in the company. Zee initially plans to buy the entire promoter share of 42.78% and later make an open offer for another 20% stake. “Zee Media has had multiple rounds of formal negotiations with MT Educare management. A transaction is highly likely before fiscal-end,” Economic Times had reported a source as saying. Founded in 1988 as alternate tutorial classes, MT Educare has 276 centres across 166 cities and over 1.5 lakh students in FY17 alone, as per its investor presentation in September.
Zee Learn, under its brand name Mount Litera Zee Schools provides is in the business of providing education. According to the company’s website, Mount Litera Zee school has over 90 schools in 80+ cities nationwide. Zee Learn also runs a chain of pre-schools under Kidzee with more than 1500+ operational pre-schools in over 550 cities across India and neighboring countries, according to its website.