20 Mar, 2013, 12.41PM IST, Reuters Goldman cuts Zee Entertainment to 'neutral'; shares fall

Shares in Zee Entertainment fall as much as 5 pc after Goldman Sachs downgraded the television broadcaster to "neutral" from "buy".

Zee Entertainment Enterprises Ltd.

BSE

205.55

-8.45 (-3.95%)

Vol:152414 shares traded

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Shares in Zee Entertainment Enterprises Ltd fall as much as 5 per cent after Goldman Sachs downgraded the television broadcaster to "neutral" from "buy", saying the stock appears "fairly valued" given macro headwinds that could hurt advertisement spending.

Goldman also says losses from sports brodcasts could widen in the fiscal year ending March given more India cricket series are scheduled for 2013/14.

However, the investment bank sees room for a "dividend surprise" given the company's net cash position and says Zee will continue to benefit from subscriptions tied to digitisation.

Zee shares down 4.5 per cent as of 0650 GMT.

rajat singh
pgdm 2nd sem.
iimt