[ad_1]
Shares of PVR dropped 5 per cent to Rs 1,838 on the BSE in Thursday’s intra-day trade, after over 10 million equity shares changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.46 per cent at 60,067 points. In the past three days, the stock gained 5 per cent.
Till 10:57 am; a combined 10.25 million equity shares, representing 16.78 per cent of the total equity of PVR, changed hands on the NSE and BSE, data shows. The names of the buyers and sellers were not ascertained immediately. With Thursday’s decline, the stock corrected 17 per cent, from its 52-week high level of Rs 2,211.55, that it had touched on August 4, 2022.
According to a report by CNBC Awaaz, around four investors in PVR offloaded 7.7 per cent stake in the company via block deals on Thursday, September 15. The investors who sold stake in the company were – Multiples PE, Gray Birch, Plenty PE and Berry Invt, the news channel reported.
As per June 2022 shareholding pattern, Gray Brich Investment held 2.2 million (3.6 per cent), while Plenty Private Equity FII held 1.52 million (2.5 per cent) stake in PVR.
Meanwhile, after a successful April-June quarter in this fiscal year (Q1FY23), the overall boxoffice collections tapered meaningfully due to poor performance of mega-budget films in the ongoing Q2FY23, analysts said.
“As regards content, while Bollywood has seen a trough in the past, it is witnessing deterioration in movie-collections again this time round. Going ahead too, while the movie pipeline looks healthy, audience acceptance is key. If Bollywood content performance continues to be poor going ahead, it would lead to further earnings cut as well as de-rating for PVR and Inox. A timely merger remains crucial,” analysts at Emkay Global Financial Services said, after they trimmed FY23 revenue estimates for PVR/Inox by 11-12 per cent, but maintained FY24/FY25 estimates, on hopes of trend-reversal in the Bollywood content delivery.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link
Comments are closed.