By Malvika Gurung
Investing.com -- As per the BSE bulk deal data, BNP Paribas (EPA: BNPP ) Arbitrage offloaded over 4 lakh equity shares of the movie theatre chain PVR (NS: PVRL ) on Thursday, reducing its shareholding in the company.
According to the latest shareholding pattern, BNP Paribas Arbitrage held over 7.51 lakh shares of PVR, translating to a 1.23% stake in the company, as on June 30, 2022.
However, on Thursday, the financial services provider sold a total of 4,05,183 shares of PVR at an average price of Rs 1,841.14 apiece, aggregating the transaction value to Rs 74.6 crore.
The multiplex company’s shares have jumped over 39% in a year and most brokerages remain bullish on the stock, especially after a stellar June quarterly earnings show, as the company posted a sharp recovery in revenue, EBITDA and net profit in the quarter.
Brokerage firm Sharekhan expects higher wage inflation and rising energy prices to increase the fixed cost per screen to the pre-pandemic level in FY2023 for PVZR and sees it well-poised for delivering strong strong growth in the fiscal (estimated) amid huge content pipeline, strong consumer demand, and success of dubbed Southern movies across the country.
It has a Buy rating on the stock with a target price of Rs 2,250/share.
Edelweiss (NS: EDEL ) Wealth is also bullish on PVR’s performance going ahead and has set a TP of Rs 2,340/share, an upside of 26.9% compared to the current trading price.
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