Why did Zee go up by 40% and who was buying the stock so aggressively?

On a day when the Zee stock was up by 40%, there were two major buyers. BOFA Securities Europe and Rare Enterprises, owned by Rakesh Jhunjhunwala, both purchased around 5 million shares of Zee Entertainment on Tuesday worth a total of Rs.225 crore each on the National Stock Exchange. The stock of Zee also touched a 52-week high on Tuesday and closed just slightly below its high price.

Zee Entertainment rallied by over 40% on the NSE after it was reported that the CEO and ME, Punit Goenka may be asked to move on. The battle for the post is still on. Punit Goenka is the son of the founder of Zee Group, Subhash Chandra. Institutional investors like INVESCO had objected to the old promoter group continuing to have a say in the operations that was not proportionate to their reduced stake in the company.