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Eros International jumps on report of likely content deal with Apple

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Eros International Media rose 4.93% to Rs 220.40 at 11:53 on on reports the company is in talks with US-based Apple Inc to sell its entire library of films and music for about $1 billion.

Meanwhile, the S&P Sensex was up 8.48 points, or 0.03% to 32,333.89.

On the BSE, 3.23 lakh shares were traded in the counter so far, compared with average daily volumes of 2.22 lakh shares in the past one quarter. The stock had hit a high of Rs 230 and a low of Rs 218.25 so far during the day. The stock hit a 52-week high of Rs 308.40 on 28 March 2017. The stock hit a 52-week low of Rs 150.15 on 22 November 2016.

The stock had underperformed the market over the past one month till 4 August 2017, falling 5.83% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.58% as against Sensex's 8.26% rise. The scrip had also underperformed the market in past one year, falling 8.46% as against Sensex's 15.13% rise.

The small-cap company has equity capital of Rs 94.45 crore. Face value per share is Rs 10.

According to the report, Eros Group, the largest movie producer in India, is in talks with Apple Inc, the world's most valuable public company, to sell its entire content library of films and music for around $1 billion. A deal may also include their digital over-the-top (OTT) platform, Eros Now.

Parallel discussions with rival media and technology majors Amazon and Netflix have also gathered momentum, the report said, adding that the Eros Group is planning to embark on a mega restructuring exercise that is likely to result in a reverse merger of its New York Stock Exchange (NYSE) listed parent Eros International Plc into its locally listed subsidiary Eros International Media by the end of this financial year to create a single listed firm.

On a consolidated basis, net profit of Eros International Media declined 37.80% to Rs 31.67 crore on 33.08% decline in net sales to Rs 180.62 crore in Q4 March 2017 over Q4 March 2016.

Eros International Media is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media. Eros International is part of Eros International Plc, which became the first Indian media Company to raise capital and be listed on the NYSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 11:54 IST
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