PVR rose 3.04% to Rs 499.55 at 12:22 IST on BSE after the company said it has entered into an agreement for the sale of its Anupam Multiplex property in New Delhi for a total consideration of Rs 52 crore.
The company made the announcement during market hours today, 18 October 2013.
On BSE, 7,044 shares were traded in the counter compared with average volume of 16,993 shares in the past one quarter.
The stock hit a high of Rs 511.60 and a low of Rs 483 so far during the day. The stock hit record high of Rs 566.90 on 4 October 2013. The scrip had hit 52-week low of Rs 212 on 22 October 2012.
The stock had outperformed the market over the past one month till 17 October 2013, surging 11.49 compared with the Sensex's 3.09% rise. The scrip had also outperformed the market in past one quarter, rising 39.97% as against Sensex's 2.34% rise.
The small-cap company has an equity capital of Rs 39.60 crore. Face value per share is Rs 10.
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PVR has simultaneously entered into a long term lease agreement with the buyer of the Anupam Multiplex property to continue to operate the multiplex property. PVR's Anupam Multiplex is located at a prime location in Saket in New Delhi. The sale and lease back of the multiplex property is in line with the company's strategy to maintain an asset light business model, PVR said in a statement. The sale and lease back of Anupam Multiplex property will provide significant funds for expansion plans of the company and will release substantial capital to fund the future projects, PVR said. The transaction will also enable the company to improve its return on capital employed (ROCE) and focus on the core business of operating and managing multiplex properties across the country on long term lease basis, PVR said.
PVR's consolidated net profit jumped 79.9% to Rs 13.60 crore on 87.2% growth in net sales to Rs 334.45 crore in Q1 June 2013 over Q1 June 2012.
In January 2013, PVR acquired 93.19% stake in Cinemax India, another cinema exhibition company. Post acquisition, PVR together with Cinemax operates a cinema circuit consisting of 398 screens spread across 92 cinemas covering 37 cities in India.
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