Prime Focus rose 3.07% to Rs 65.50 at 14:25 IST on BSE after the company announced that its technology subsidiary Prime Focus Technologies has secured funding from private equity fund Ambit Pragma.
The announcement was made during market hours today, 30 August 2016.Meanwhile, the S&P BSE Sensex was up 367.14 points, or 1.32%, to 28,269.80
On BSE, so far 14,200 shares were traded in the counter, compared with average daily volume of 65,205 shares in the past one quarter. The stock hit a high of Rs 65.85 and a low of Rs 63.85 so far during the day. The stock hit a 52-week high of Rs 73.45 on 1 August 2016. The stock hit a 52-week low of Rs 40.20 on 12 February 2016. The stock had underperformed the market over the past 30 days till 29 August 2016, falling 7.7% compared with 0.53% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 20.93% as against Sensex's 4.63% rise.
The small-cap company has equity capital of Rs 29.89 crore. Face value per share is Re 1.
Prime Focus said that the company's technology subsidiary Prime Focus Technologies (PFT) has secured the first round of funding from Ambit Pragma, a growth capital private equity (PE) fund. Ambit Pragma generally invests as the first institutional investor in companies and supports management teams in accelerating growth, leveraging its teams' deep operating experience.
PFT proposes to use the investment for intensifying development efforts of the SaaS products including CLEAR Media ERP and gaining deeper penetration and growth in strategic markets such as North America and Europe, the Middle East and Africa (EMEA) with increased sales and marketing efforts. PFT's flagship product CLEAR Media ERP is targeted at M&E companies who increasingly adopt technology to tap the digital consumer landscape while enhancing efficiencies and lowering Total Cost of Ownership (TCO).
Ramki Sankaranarayanan, Founder and CEO, PFT said that the investment by Ambit Pragma offers the company growth capital to execute on strategy for global leadership in the Media ERP space.
Prime Focus reported consolidated net profit of Rs 106.15 crore in Q1 June 2016 as compared with net loss of Rs 213.76 crore in Q1 June 2015. Net sales rose 8.39% to Rs 525.71 crore in Q1 June 2016 over Q1 June 2015.
Prime Focus provides end-to-end creative services (visual effects, stereo 3D conversion and animation), technology products & services (Media ERP Suite and Cloud-enabled media services), production services (shooting floors, sound stages and equipment rental) and post production services (Digital Intermediate, digital lab and picture post) to studios, broadcast and advertising industries.
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