Balaji Telefilms jumps on completing sale of rights of four movies

Balaji Telefilms was up 3.89% to Rs 62.80 at 10:38 IST on the BSE after the company said that it has completed the sale of theatrical distribution rights for its upcoming slate of four movies.

The announcement was made after market hours yesterday, 20 June 2019.

Meanwhile, the S&P BSE Sensex was down by 186.26 points, or 0.47% to 39,415.37.

On the BSE, 3755 shares were traded in the counter so far compared with average daily volumes of 3126 shares in the past two weeks. The stock had hit a high of Rs 65.80 and a low of Rs 61.85 so far during the day. It hit a 52-week high of Rs 126.85 on 25 June 2018 and a 52-week low of Rs 57 on 20 June 2019 .

Pen Marudhar Entertainment (subsidiary of Pen Studios) has acquired the distribution rights for Mental Hai Kya, Jabariya Jodi, Dream Girl & Dolly Kitty Aur Woh Chamakte Sitaare, the company said in a statement.

Following the sale of the theatrical distribution rights for these movies, the company has recovered all its costs associated with the movies by way of minimum guarantee and is on path to deliver a sizeable profit in the movie business.The company's focus on pre-sales and co-production is paying off as intended and the company will to continue this strategy to grow its movies portfolio, the firm stated.

On a consolidated basis, Balaji Telefilms reported net loss of Rs 27.84 crore in Q4 March 2019 compared with net loss of Rs 32.71 crore in Q4 March 2019. Net sales fell 5.2% to Rs 88.86 crore in Q4 March 2019 over Q4 March 2018.

Balaji Telefilms is India's leading integrated media conglomerate operating across television, movie and digital content production.

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