Shringar Cinemas jumps on turnaround

DALAL STREET SPIKES

Shringar Cinemas gained around 8 per cent to close at Rs 62.30 with a volume of over 3.5 lakh shares. The jump in the stock rides on the back of a turnaround in the December 2006 quarter.

While the company's revenues almost doubled to Rs 15.42 crore compared with the corresponding quarter last year, it successfully turned around with a profit of Rs 3.64 crore against a loss of Rs 1.99 crore.

The company was recently in the news following reports of Anil Ambani buying stake in the company. However, the negotiations have slowed down due to difference on the price offered. However, the stock has recorded a gain of 29.41 per cent since last month.