Eros International Media Limited shares surged over 5 per cent intraday on Thursday after the comapny announced its association with UAE's largest film distribution and exhibition network(Hollywood and Bollywood), Phars Films.
Eros International Media Limited shares surged over 5 per cent intraday on Thursday after the company announced its association with UAE’s largest film distribution and exhibition network(Hollywood and Bollywood), Phars Films. In a BSE filing the company said, “the partnership will entail the two companies jointly co-producing Malyalam films along with exploration of theatrical rights between the two entities. The deal licenses Eros to exploit the distribution of all Malayalam movies produced jointly in India, while Phars Films would present the same overseas where it enjoys a dominant market share.”
Reacting to the announcement, the share price of the company surged 2.93 per cent up at Rs 215.85 at 10.30 am. The scrip opened at Rs 218 and touched a high and low of Rs 220.50 and Rs 214.95, respectively, in trade so far. Sensex was trading 95.44 points up at 28,388.25 during the same time.
On NSE, share price of the company was trading 2.96 per cent up at Rs 216. Nifty was up 32.20 points at 8,777.35 during the same time.
Sunil Lulla, managing director, Eros International Media said, “Our association with a prominent player like Phars Film to jointly create and release new content further reiterates our vision to scale up in the south industry and continue presenting attractive film content.”
For the quarter ended June 30, 2016, the company reported a consolidated net profit of Rs 58.87 crore, up 10.35 per cent, against Rs 53.35 crore in the same quarter a year ago.