Life Insurance raises Zee Ent. stake
Indian broadcaster reports increase in net profitNEW YORK -- Zee Entertainment, India's top publicly listed broadcaster, said Wednesday that the Life Insurance Corp. of India has raised its stake in the firm to 10.15%, a day after the firm reported a net increase in quarterly profits.
Life Insurance bought an additional 1.59 million shares, or 0.36%, in the open market, Zee said.
On Tuesday, Zee reported a rise in net profit to 1.78 billion rupees ($36 million) for the three months ending Sept. 30, up from 0.97 billion rupees in the same period a year earlier.
Total income was 6 billion rupees ($1.2 billion) in the period, versus 4.21 billion a year earlier.
On Wednesday, shares of Zee traded down 2.06% to 144.70 rupees on the Bombay Stock Exchange.
Reuters contributed to this report.