stock market today The share price of PVR has fallen nearly 10 per cent in the last one month. However, it has given an impressive 30 per cent return to its shareholders in the last six months. Therefore, the current sell-off is primarily profit-booking than any major concern for shareholders. The stock has been trending somewhat upwards over the past few sessions, having gained about 6 percent in the past week. Perhaps, this has caught the attention of Prabhudas Lilladher’s research team, which believes that the base formation mode in the stock is over and the stock is poised for a sharp rally in the short to medium term. Brokerage believes that PVER share price may rise 2,110 each level provides over 10 percent returns to positional investors over the medium term. PVR share price is around today 1900 each on NSE.
tag to buy PVR ShareResearch report by Prabhudas Lilladher said, “The stock has maintained an overall uptrend as indicated by the rising channel pattern on the daily chart, which recently formed near support. A nice pullback has been seen with a correction to the 1,800 level and bias. The RSI indicator has indicated a trend reversal from the oversold zone and a buy signal is showing a lot of potential. With the chart looking attractive, we recommend buying and holding this stock with a target above Keeping a stop loss of 2,110 1,830.”
Recently PVR informed the Indian Stock Market Exchanges about the opening of new screens, “We are glad to inform you about the opening of 4 Screen Multiplex at Venu Mall in Nizamabad, Telangana. Cinemas State-of-the-art cinematic including 2K projectors. Equipped with technologies, next-gen 3D screen and Dolby Atmos sound provide an unparalleled panoramic and immersive experience. With this launch, PVR is now the largest multiplex network with 858 screens across 174 properties across 76 cities (India and Sri Lanka) Operates. A copy of the press release is to be attached.”
With this launch, PVR Cinemas has established its footing with 71 screens across 13 properties in Telangana and 299 screens across 49 properties in South.
Speaking at the launch, Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd. said, “The South has a strong foundation for film culture and has a great scope for expansion against the backdrop of a vibrant film industry. As the appetite for watching movies is high in the South, there is a wide acceptance of Hollywood and Bollywood movies among the audience. Our foray into Nizamabad is aligned with the company’s strategy to expand our presence in Tier-II and Tier-III cities to provide the local population with the best of entertainment facilities and a superior movie watching experience.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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