Eros International Media rose 3.43% to Rs 216.90 at 9:32 IST on BSE after the company said it tied up with UAE's Phars Film for co-production and distribution of Malayalam movies.
Meanwhile, the BSE Sensex was up 145.11 points, or 0.51%, to 28,437.92.
On BSE, so far 27,000 shares were traded in the counter, compared with average daily volume of 79,128 shares in the past one quarter. The stock hit a high of Rs 220.50 and a low of Rs 216 so far during the day. The stock hit a 52-week high of Rs 540.90 on 30 September 2015. The stock hit a 52-week low of Rs 125.90 on 29 February 2016. The stock had underperformed the market over the past 30 days till 28 September 2016, falling 4.16% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.78% as against Sensex's 4.79% rise.
The small-cap company has equity capital of Rs 93.60 crore. Face value per share is Rs 10.
Eros International Media, India's leading global company in the Indian film industry, announced its association with UAE's largest film distribution and exhibition network (Hollywood & Bollywood), Phars Film. The partnership will entail the two companies jointly co-producing Malayalam 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.
On a consoldiated basis, net profit of Eros International Media rose 11.20% to Rs 58.87 crore on 13.61% decline in net sales to Rs 408.17 crore in Q1 June 2016 over Q1 June 2015.
Eros International Media operates in the Indian film entertainment industry. It acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
