PVR jumps on reports of Chinese firm eyeing controlling stake

PVR rose 5.4% to Rs 1,247 at 10:59 IST on BSE on reports that China's Dalian Wanda Group is eyeing a controlling stake in the multiplex chain operator.

Meanwhile, the BSE Sensex was up 59.59 points, or 0.21%, to 28,483.07.

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 28,322 shares in the past one quarter. The stock hit a high of Rs 1,280.20 and a low of Rs 1,210 so far during the day. The stock hit a record high of Rs 1,252.40 on 5 August 2016. The stock hit a 52-week low of Rs 646 on 25 February 2016. The stock had outperformed the market over the past 30 days till 1 September 2016, rising 7.64% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.25% as against Sensex's 5.89% rise.

The mid-cap company has equity capital of Rs 46.72 crore. Face value per share is Rs 10.

According to reports, Asia's largest film group and theatre operator Wanda Cinema, owned by China's richest man, Wang Jianlin has revived talks with Ajay Bijli, the promoter of PVR, to buy a controlling stake in PVR which is India's largest multiplex operator. Dalian Wanda Group has reportedly started diligence on PVR's books as a prelude to make a formal offer to acquire the Indian company. As on 30 June 2016, promoters held 25.26% stake in PVR.

On a consolidated basis, net profit of PVR declined 1.61% to Rs 42.81 crore on 17.19% rise in net sales to Rs 559.96 crore in Q1 June 2016 over Q1 June 2015.

PVR is the largest and the most premium film and retail entertainment company in India.

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