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Prime Focus jumps after foreign broker initiates coverage

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rose 6.27% to Rs 114.40 at 10:39 on after a foreign brokerage firm reportedly initiated coverage on the stock with a 'buy' rating and a price target of Rs 150.

Meanwhile, the S&P Sensex was up 59.67 points, or 0.19% to 31,775.31.

On the BSE, 87,000 shares were traded in the counter so far, compared with average daily volumes of 36,650 shares in the past one quarter. The stock had hit a high of Rs 119.60 and a low of Rs 113.10 so far during the day. The stock hit a 52-week high of Rs 124.35 on 16 May 2017. The stock hit a 52-week low of Rs 56.20 on 11 July 2016.

The stock had underperformed the market over the past one month till 10 July 2017, falling 1.06% compared with 1.45% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.73% as against Sensex's 6.47% rise. The scrip had also outperformed the market in past one year, rising 70.47% as against Sensex's 14.80% rise.

The mid-cap company has equity capital of Rs 29.89 crore. Face value per share is Re 1.

According to media reports, the brokerage expects to nearly double its earnings before interest, tax, depreciation and amortisation by financial year ending March 2020, while expecting it to turn debt free in three years led by improved cash generation. Continued restructuring and poor cash flow conversion were highlighted as some of the key risks, reports added.

On a consolidated basis, reported net profit of Rs 45.77 crore in Q4 March 2017 as against net loss of Rs 264.89 crore in Q4 March 2016. Net sales rose 51% to Rs 642.27 crore in Q4 March 2017 over Q4 March 2016.

is an independent integrated media services company. It provides end-to-end creative services (visual effects, stereo 3D conversion and animation), technology products & services (media ERP Suite and cloud-enabled media services), production services (equipment rental) and post-production services (digital intermediate and picture post) to the media and entertainment industry.

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

First Published: Tue, July 11 2017. 10:40 IST
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