Shares of Zee Entertainment Enterprises (ZEEL) rallied as much as 8% to a day’s high of Rs 105 on the BSE on Friday after the Securities Appellate Tribunal (SAT) granted interim relief to the company in its case against the Securities and Exchange Board of India (SEBI).

SAT stayed the SEBI order against Zee Entertainment and permitted the company to go ahead with its proposed Rs 3,143 crore preferential warrant issue to promoters. The tribunal also allowed ZEE to use its mutual fund units for dividend distribution. The relief is subject to the company depositing the penalty imposed by SEBI.

The tribunal had on Wednesday reserved its order on interim relief pleas filed by Zee Entertainment and CEO Punit Goenka against SEBI’s July 31 order, which barred them from accessing the securities market.

The SEBI action stems from title documents related to a Hyderabad property owned by ZEEL. The regulator alleged that the title deeds were provided to Indiabulls Housing Finance as security for loans taken by private entities linked to the promoters without the necessary corporate approvals.

ZEEL has disputed the allegations, saying the documents were taken without authorisation and that there was no direct finding establishing that the company was aware of the arrangement. The company has also argued that it did not itself engage in fraudulent activity in the securities market.

ZEEL had approached SAT seeking permission to complete the proposed Rs 3,143 crore preferential warrant issue, citing a limited window available for the fundraise. The company told the tribunal that shareholders had already approved the issue and that it had received in-principle approval from the stock exchanges. The warrants are proposed to be issued to Sunbright Mauritius Investments, a promoter-group entity.
During the hearing, SAT questioned SEBI’s reasoning for preventing ZEEL from completing the fundraise during the two-month market-access ban, noting that the company could undertake the transaction after the restriction ended.SEBI argued that allowing the preferential issue while the market-access restriction was in force would dilute the impact of the ban imposed following regulatory violations.

The regulator also opposed Punit Goenka’s participation in the issue, arguing that he is the ultimate beneficial owner of Sunbright Mauritius Investments and is himself subject to a one-year securities-market ban. SEBI said allowing the allotment through the Mauritius-based entity could effectively give Goenka indirect access to the securities market.

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Shares of Praj Industries surged 6.50% to Rs 342.45 in Friday’s trading session after the company reported strong performance for the June quarter, with consolidated net profit more than doubling year-on-year.

The company’s Q1FY27 net profit jumped 117% to Rs 12 crore, compared with Rs 5 crore in the corresponding quarter last year. Revenue from operations also grew 12% year-on-year to Rs 716 crore, from Rs 640 crore in Q1FY26.

Praj Industries’ Bioenergy segment continued to account for the lion’s share of total segmental revenue, contributing 66%. Engineering accounted for 22%, while HiPurity contributed the remaining 12%.

Geographically, 75% of Q1FY27 revenue came from the domestic market, while exports contributed 25%.

The company also reported a healthy order intake of Rs 1,000 crore during the quarter. Exports accounted for 43% of order intake, while domestic orders contributed 57%.

More importantly, Praj Industries ended the quarter with a sizeable order backlog of Rs 4,589 crore, providing visibility for future execution.

Management sees momentum building

Commenting on the performance, Ashish Gaikwad, Managing Director, Praj Industries, said the company continued to make progress on several long-term growth opportunities despite an uncertain external business environment.Key developments during the quarter included securing a Bio-IBA order for the country’s first commercial-scale demonstration plant, signing a long-term framework agreement for precision fabrication and modularisation solutions for hyperscale data centres, and receiving its first order from a leading semiconductor player for ultra-pure water and zero-liquid-discharge (ZLD) solutions.

Gaikwad said the company expects to build on this momentum through the rest of the financial year and deliver improved performance.

Share Price and Technical indicators

Following Friday’s rally, Praj Industries has a market capitalisation of around Rs 5,910 crore. The stock’s 52-week high stands at Rs 433.

On the technical front, the stock’s 14-day RSI stands at 43.3. An RSI below 30 is generally considered oversold, while a reading above 70 indicates an overbought zone. The stock is currently trading above seven out of eight key Simple Moving Averages (SMAs) and is below only its 100-day SMA, indicating a relatively constructive technical setup despite the stock remaining well below its 52-week high.

FIIs and mutual funds raise stake

Institutional ownership also showed a positive trend in the June 2026 quarter. Foreign Institutional Investors (FIIs) marginally increased their stake in Praj Industries to 17.75% from 17.74% in the previous quarter. More notably, mutual fund holdings rose to 13.52% from 12.25%.

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