PVR shares gain on reports of China’s Wanda Cinema seeking controlling stake

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New Delhi | Updated: September 02, 2016 9:52 AM

PVR shares gained as much as 5.58 per cent in the early trade on Friday after reports that Wanda Cinema is in talks with PVR Cinemas promoter Ajay Bijli

PVR cinema sharesPVR shares gained as much as 5.58 per cent in the early trade on Friday after reports that Wanda Cinema is in talks with PVR Cinemas promoter Ajay Bijli (Reuters)

PVR shares gained as much as 5.58 per cent in the early trade on Friday after reports that Wanda Cinema is in talks with PVR Cinemas promoter Ajay Bijli to buy a controlling stake in India’s largest multiplex operator. Wanda Cinema is Asia’s largest film group and theatre operator owned by richest Chinese Wang Jianlin. At 9.35 am, shares of PVR were trading 4.80 per cent up at Rs 1239.95. The scrip opened the day at Rs 1230 and has touched a high and low of Rs 1249.15 and Rs 1210, respectively, in trade so far. Benchmark BSE Sensex was trading 68.44 points up at 28,492.33.

According to the report, the Bijlis who control 25.26 per cent stake in PVR, may sell the entire holdings or retain a small stake as junior partner.

For the quarter ended June 30, 2016, consolidated net profit of PVR fell 1.61 per cent to Rs 42.81 crore for the quarter ended June 30, 2016 against Rs 43.51 crore in the same quarter last year. Consolidated operating profit of the company jumped by 8.67 per cent year-on-year to Rs 122.99 crore for the quarter under review against Rs 113.18 crore in the same quarter last year. Net sales of the multiplex operator jumped by 17.19 per cent year-on-year to Rs 559.96 crore.

On a standalone basis, the company reported 15.25 per cent rise in net profit at Rs 44.67 crore for the quarter ended June 30, 2016 against Rs 38.76 crore in the same quarter last year.

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