Talwalkars Better Value Fitness gained 2.34% to Rs 271.10 at 11:50 IST on BSE after entering into a strategic partnership with Power World Gyms, a leading health and fitness chain based in Colombo, Sri Lanka.
The announcement was made during market hours today, 23 October 2015.
Meanwhile, the BSE Sensex was up 210.14 points, or 0.77%, to 27,497.80.
On BSE, so far 29,433 shares were traded in the counter, compared with an average volume of 20,523 shares in the past one quarter.
The stock hit a high of Rs 275 and a low of Rs 264.10 so far during the day. The stock hit a record high of Rs 409.80 on 17 March 2015. The stock hit a 52-week low of Rs 196.05 on 21 October 2014.
The stock had outperformed the market over the past one month till 21 October 2015, rising 8.39% compared with 4.18% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 8.53% as against Sensex's 3.17% decline.
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The small-cap company has equity capital of Rs 29.70 crore. Face value per share is Rs 10.
Talwalkars Better Value Fitness (TBVF) has acquired 49.5% of the total share capital of Power World Gyms (PWG) in an all cash deal. The partnership with PWG would enable TBVF to enter the rapidly growing post war market of Sri Lanka. PWG is the biggest health and fitness player in Sri Lanka providing Gym facilities to its members and has deep knowledge on the local market conditions. The partnership combines PWG's industry and market knowledge with TBVF's expertise on managing health and fitness centers. This transaction marks the maiden global acquisition of TBVF through this acquisition in Sri Lanka.
PWG operates and manages the largest chain of gyms in Sri Lanka under the brand name Power World. PWG has an existing network of 7 gyms in and around Colombo. PWG also manages 3 in-house gyms for leading Sri Lankan corporations. PWG currently servicing over 8,100 members through a network of 7 gyms. PWG is managed by Mr. Talavou Alailima, a South Asian Games Medallist and Sri Lankan record holder for short put and discus, has extensive experience (over 20 years) in health, fitness, nutrition and operating gyms. PWG has designed a gym operating model wherein the target market (medium income group) has been identified and services are customised to the customer requirements.
On consolidated basis, Talwalkars Better Value Fitness' net profit rose 18.4% to Rs 4.77 crore on 13.4% rise in net sales to Rs 50.70 crore in Q1 June 2015 over Q1 June 2014.
Talwalkars Better Value Fitness (TBVF) is a leading chain of health and fitness centers in India.
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