Shares of Zee Entertainment gained over 6 percent on Tuesday after global brokerage firm Macquarie said it expects a 36 percent upside in the stock amid stake sale buzz. The brokerage maintained an 'outperform' call on the stock with the target price of Rs 540 apiece. The stock hit an intraday high of Rs 420, up 6.2 percent from its previous close.

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According to the brokerage, the announcement on the stake sale promoters is imminent and the stake sale deal is likely in the next 1-2 weeks. It added that the presence of five suitors, mostly global, reaffirms interest at current valuations and retention of current management and fund infusion will be the key monitorable for the company.

At 10:40 am, Zee was trading at Rs 412, up 3.9 percent on BSE. In comparison, the S&P BSE Sensex was trading 0.16 percent higher at 38,707.

Chairman Subhash Chandra said that five companies are in talks to pick up a stake in Zee Entertainment Enterprises, according to media reports.

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