pvr | Business Upturn

Here’s why PVR and Inox will close down over 50 theatres in the next 6 months

Viditha Ganji — Mon, 15 May 2023 15:55:39 +0000

India’s multiplex chain operator PVR-Inox has announced its plan to shut down around 50 cinema screens in the next six months. These screens either operate at a loss or are located in malls that have reached the end of their life cycle, with little possibility of rejuvenation. In response to this move, the company has accounted for an accelerated depreciation charge and written off the Written Down Value (WDV) of these assets in its financial records.

Despite the closures, PVR and INOX jointly introduced 168 new screens across 30 cinemas in the last fiscal year. The companies have set a target to open an additional 150-175 screens in FY’24. However, the company has decided to reschedule the handover of new sites for fit-outs to the next calendar year, as part of its strategy to ensure a robust recovery in the box office before proceeding with further expansions.

Currently, PVR’s screen portfolio consists of 1,689 screens across 361 cinemas located in 115 cities in India and Sri Lanka, including 38 management screens. The recent merger between PVR and Inox was successfully concluded in the quarter ending March. Ajay Bijli, the Managing Director of PVR Inox, expressed his views on the merger, stating that it will serve as a significant milestone for both the company and the Indian film industry as a whole.

Despite the underperformance and volatility of Hindi movies and significantly low releases from Hollywood in the previous year, the company witnessed a robust recovery during FY23. The exhibition business has witnessed strong growth, driven by the exceptional performance of regional cinema, an increase in ticket prices, and a substantial increase in consumption of food and beverages by patrons.

“The year gone by marks the 1st full year of uninhibited operations for the exhibition industry. There was considerable volatility in box office quarter on quarter. We believe that the 2 major factors that marred the industry in FY’23 – underperformance of Hindi films and less number of Hollywood releases, will both ease out in FY’24,” said Ajay Bijli, Managing Director, PVR INOX Ltd.

The company is confident of achieving operational synergies of INR 225 crore over the next 12-24 months from the recently concluded merger with INOX.

The anime movie “Suzume” gets permission for early screening on April in India: Check Now

Anushka Brahma — Thu, 06 Apr 2023 12:47:59 +0000

The early preview screenings of Makoto Shinkai’s Suzume (Suzume no Tojimari) movie will be held in Mumbai, Pune, Delhi, Gurgaon, Noida, and Bangalore, PVR Pictures stated on its Instagram account on Wednesday.

Two weeks before the movie’s April 21 formal release in India, screenings will be held at PVR Cinemas locations on April 9.On the same day, PVR Cinemas started broadcasting a trailer for the Hindi version of the movie.

Attendees of the shows will receive posters that Makoto Shinkai has personally signed.On November 11, the movie debuted at the top of the charts and sold 1.33 million seats, grossing 1.88 billion yen (roughly US$13.49 million) in its first three days.The movie made 47.4% more money and sold 38.7% more tickets than Shinkai’s critically acclaimed “Your Name,” which made 1,277,960,000 yen ($12.51 million at the time) in its first three days.

It had the best first three days of any of Shinkai’s movies, with ticket sales up 14.8% and revenue up 14.4% over his previous movie, Weathering With You.As of Sunday, the movie’s overall box office receipts in Japan stood at 14,310,602,380 yen, or about US$109 million, surpassing the 14.23 billion yen (or US$108 million in current conversion) lifetime receipts of Shinkai’s prior movie, “Weathering With You” (Tenki no Ko).

The movie is now the eighth-highest-earning anime movie in Japan, ranking 14th overall in terms of box office revenue. Ponyo by Hayao Miyazaki, which has a budget of 15.50 billion yen (roughly $118 million), is ranked immediately above it in both lists.Suzume Iwato, who is voiced by actress Nanoka Hara, is the movie’s protagonist.

Hokuto Matsumura, a member of the SixTONES idol group (live-action roles as Tru in the Liar, Liar film and Shizuka Doumeki in the xxxHOLiC film), made his voice acting debut in the movie as Sta Munakata, a young man who travels with Suzume as the “Door-Closing Master.”Both the script and the film’s direction were done by Shinkai (your name, Weathering With You). His initial work on the story is also acknowledged.

The figures were created by Masayoshi Tanaka, also known as your name, from Weathering With You. The animator was Kenichi Tsuchiya, who directed “Garden of Words.” The art director was Takumi Tanji, who also worked on Children Who Chase Lost Voices. The motion picture was made by CoMix Wave Films and Story Inc. The picture is being distributed by TOHO.

The movie’s soundtrack was created by RADWIMPS and Kazuma Jinnouchi, a Hollywood composer with roots in Seattle (Ghost in the Shell: SAC_2045; RWBY: Ice Queendom). A theme tune from the movie called “Suzume” was performed by TikTok artist Toaka.

Stocks To Watch Today: HDFC AMC, PVR, Indian Oil, NTPC, CEAT

Markets Desk — Tue, 21 Mar 2023 01:18:18 +0000

The SGX Nifty indicates a positive start for the Indian benchmark indices Sensex and Nifty today. Cues from US markets also remain positive as investors expect easing of the banking crisis post UBS’ acquisition of Credit Suisse. The Nifty today will likely see resistance at 17,150, and on the downside, the Nifty support stands at 16,830, according to analysts.

Top stocks to watch today include shares of HDFC AMC, PVR, Indian Oil, NTPC, CEAT, Uno Minda, PNC Infratech besides others.

HDFC AMC: HDFC AMC in focus today after Rajiv Jain-led GQG Partners offloaded 1.16% of their stake or 24.7 lakh shares at Rs 1,600 via a block deal on Monday. GQG Partners now hold 1.2% stake in the company. SBI Mutual Fund bought 47.3 lakh shares of HDFC AMC on Monday at Rs 1,600 per share.

PVR: Shares of PVR will be in focus today after Warbug Pincus offloaded its entire 2.49% stake in the company via a block deal on Monday. Wabug Pincus sold 24.4 lakh shares at Rs 1,559.34. Buyers in the block deal included SBI Mutual Fund, ICICI Prudential Mutual Fund and Societe General.

Indian Oil/NTPC: Indian Oil and NTPC Green (Subsidiary of NTPC) will be in focus today as the companies have entered into an agreement to set up a Joint Venture for setting up of Renewable Energy (RE) Power plants to meet requirements of new projects of IndianOil Refineries. Both companies will hold equal stake in the formed Joint Venture, according to the filing by companies.

CEAT: CEAT stock will be in focus today after the company on Monday announced the appointment of Arnab Banerjee as the new MD & CEO of the company post resignation of Anant Goenka as the MD & CEO of CEAT. Anant Goenka will now be the Non-Executive Non-Independent Director, designated as ViceChairman of the company.

Adani Enterprises: Adani Enterprises will be in focus today after the company issued a statement on media reports pertaining to the Green PVC project. “We are hopeful to obtain financial closure for the project in next six months post which full-fledged procurement and construction activities at site will commence. We are committed to completing the project in an expeditious manner so as to meet the original timelines,” said the company.

Stocks to watch: HUL, Bata, PVR, Sun Pharma, BHEL and more

Aryan Jakhar — Fri, 20 Jan 2023 02:31:34 +0000

Earning results on January 20 will be focused on Reliance Industries, HDFC Life Insurance Company, JSW Steel, LTIMindtree, Union Bank of India, Bandhan Bank, RBL Bank, Aether Industries, Atul, Coforge, DCM Shriram, Heritage Foods, Indian Energy Exchange, JSW Energy, NELCO, Petronet LNG, Ramkrishna Forgings, Shakti Pumps, and Tanla Platforms. Moneycontrol is a subsidiary of the Network18 company. Reliance Industries is the sole benefactor of Independent Media Trust, which owns Network18.

ICICI Bank, Kotak Mahindra Bank, SBI Life Insurance Company, UltraTech Cement, Yes Bank, IDFC First Bank, Dodla Dairy, Meghmani Organics, and Punjab & Sind Bank will report earnings on January 21.

Hindustan Unilever: The FMCG giant increased standalone profit by 11.7% year on year to Rs 2,505 crore for the quarter ended December FY23, underpinned by revenue from operations that increased by 16.3% to Rs 15,228 crore for the quarter, with domestic volume growth of 5% and higher other income. Profitability was hampered by an unusual loss of Rs 102 crore for the quarter, compared to Rs 66 crore in the previous year. Operating EBITDA climbed 7.9% to Rs 3,537 crore, while margin declined 180 basis points year on year to 23.2 percent in Q3FY23, owing to higher raw material costs. Royalty payments paid by the firm to Unilever Plc have been raised to 3.45% of revenue from 2.65%.

Bata India: Anil Somani has been chosen as the company’s new Chief Financial Officer. He has worked in finance, strategy, compliance, information management, and company development for over 25 years.

PVR: The multiplex chain operator recorded a consolidated profit of Rs 16.1 crore for the quarter ended December FY23, compared to a loss of Rs 10.2 crore in the same time the previous year. Consolidated revenue for the quarter climbed by 53% to Rs 941 crore, with the movie exhibition sector expanding 37% and others (including movie production and distribution) gaining 23.5% year on year. In Q3FY23, EBITDA increased by 75% to Rs 288.8 crore, while margin increased by approximately 4 percentage points to 30.7 percent year on year.

Sun Pharmaceutical Industries will pay $576 million, or $8 per share, to purchase Concert Pharmaceuticals. Concert investors will additionally get a non-tradeable contingent value right (CVR) entitling them to an extra $3.50 per share if deuruxolitinib meets specific net sales goals within certain time frames. Concert is a late-stage biotechnology business that is developing deuruxolitinib, an oral Janus kinase inhibitor of JAK1 and JAK2 for the treatment of alopecia areata, an inflammatory dermatological disorder.

Can Fin Homes: The firm recorded a 31% year-on-year increase in profit of Rs 151.5 crore for the fiscal year ended December FY23, aided by fewer provisions. Net interest income for the quarter increased by 22.23% year on year to Rs 251.71 crore. Asset quality improved in Q3FY23, with gross non-performing assets (NPA) declining by 2 basis points (bps) QoQ to 0.60% and net NPA falling by 5 bps to 0.30%.

Hindustan Zinc: The company’s consolidated profit fell 20.2% year on year to Rs 2,156 crore in the fiscal year ended December FY23, owing to reduced sales, operational income, and increased power and fuel costs. For the quarter, revenue dipped 1.6% year on year to Rs 7,866 crore. In comparison to the previous year, EBITDA plummeted 15.2% to Rs 3,707 crore, while margin fell 760 basis points to 47.1%. For FY23, the business would issue an interim dividend of Rs 13 per share and will acquire worldwide zinc assets from Vedanta by subscribing to THL Zinc shares for $2,981 million.

L&T Technology Services reported a 7.5% sequential increase in profit at Rs 303.6 crore for the December FY23 quarter, with sales up 2.7% to Rs 2,048.6 crore and revenue in dollar terms increasing 0.4% to $248 million. Operating EBIT increased 6.3% sequentially to Rs 382.9 crore, while margin increased 60 basis points to 18.7% for the quarter. Airbus also awarded the business a multi-year contract to provide advanced engineering skills and digital manufacturing services.

Tata Consultancy Services: Bombardier, a Canadian business jet manufacturer, has chosen TCS as its strategic IT partner to help speed its digital transformation and drive innovation.

Bharat Heavy Electricals (BHEL) has received a Rs 300 crore order for the rehabilitation and modernisation (R&M) of steam turbines at Gujarat’s Ukai thermal power facility.

AU Small Finance Bank: The small finance bank’s profit increased by 30% year on year to Rs 392.8 crore for the quarter ended December FY23, owing to higher net interest income and lesser provisions. Net interest income increased by 41% to Rs 1,153 crore for the quarter, but net interest margin fell by 10 basis points year on year to 6.2%. Asset quality improved throughout the quarter, with gross non-performing assets (NPA) as a percentage of gross loans decreasing 9 basis points (bps) QoQ to 1.81% and net NPA falling 5 basis points (bps) QoQ to 0.51%.

IIFL Wealth Management: 360 ONE WAM, formerly IIFL Wealth Management, has reported a 16% year-on-year increase in profit at Rs 180 crore for the quarter ended December FY23, owing to improved operating and top-line performance. Revenue for the quarter increased by 10% year on year to Rs 415 crore. The business declared an interim dividend of Rs 17 per share for FY23, divided each existing equity share with a face value of Rs 2 into two shares with a face value of Rs 1 each, and issued one bonus equity share for every one share retained.

KPI Green Energy: Under its CPP business vertical, the company has announced the commissioning of a 25 MWDC solar power plant for Greenlab Diamonds LLP, Surat. The company also named Salim Yahoo as Chief Financial Officer and announced the distribution of bonus equity shares to members in the ratio of one bonus equity share for every existing equity share.

IndiaMART InterMESH: The company’s profit increased by 61% year on year to Rs 113 crore for the quarter ended December FY23, underpinned by other income that increased by 367% to Rs 102 crore. Revenue from operations increased by 34% year on year to Rs 251 crore, owing to a 24% increase in the number of paying subscription providers and a Rs 10 crore increase in revenue from accounting software services. However, EBITDA fell 11% to Rs 70 crore and margin fell 14 percentage points to 28% in the quarter compared to the previous year.

Jubilant FoodWorks: The master franchise Domino’s Pizza operator aims to build 3,000 Domino’s locations in the next 12-18 months, as well as 40-50 Popeyes India outlets. The capex plan calls for Rs 900 crore to be funded solely through internal accruals over a 12- to 18-month timeframe.

Stocks to watch: TCS, IDBI Bank, Paytm, SBI, Tata Motors and more

Aryan Jakhar — Tue, 10 Jan 2023 03:16:51 +0000

The key benchmark indices are expected to open cautiously on Tuesday, mirroring the global mood.

The SGX Nifty January futures were quoted at 18,155 at 07:00 AM, compared to the actual Nifty 50 finish of 18,101 yesterday.

In other news, Sebi has released recommendations for extending trading hours in the event of a stock market disruption. If normalcy cannot be restored by 2:15 p.m., trading hours for that day will be extended until 5:00 p.m.

Meanwhile, the following stocks are expected to trade on Tuesday.

TCS: The IT conglomerate announced a good third-quarter performance. The net profit increased 11% year on year to Rs 10,846 crore, while sales was Rs 58,229 crore, up 19.1% year on year in reported figures and 13.5% year on year in constant currency terms.

IDBI Bank: According to Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, the government will shortly notify the prospective owner of IDBI Bank of the exemption time for meeting the public-shareholding criterion.

So far, the government has received interest from both international and domestic investors in acquiring a majority position in IDBI Bank. It aims to complete the transaction by September or October. Following that, the government would withdraw completely from the Bank once it received the “upside value” on the remaining stock.

Paytm: In December 2022, the digital payments business recorded a 330 percent YoY increase in loan disbursals. In December, it disbursed 3.7 million loans totaling Rs 3,665 crore.

Real estate: Quarterly sales statistics from real estate firms show that demand trends for both residential and commercial divisions remain high. In the December quarter, Macrotech Developers (Lodha) and Sobha reported their highest-ever quarterly bookings.

SBI: According to reports, the state-run bank may sell Rs 10,000 crore in infrastructure bonds in the market this week, with the securities expected to have a 15-year term.

Tata Motors: Jaguar Land Rover’s retail sales increased 5.9 percent year on year in Q3FY23, showing a “gradual improvement in semiconductor supplies,” the firm said in a BSE release. During the same time span, wholesale volume increased by 15%.

Insurance: Following a period of rapid growth in November, life insurers reported a slowing in new business premium (NBP) growth in December. Following a 30% increase in November, NBP growth fell to 10% last month as state-owned Life Insurance Corporation’s premium growth slowed from a peak.

ONGC: The company’s foreign subsidiary, ONGC Videsh, has repurchased a 20% stake in the Sakhalin-1 oil and gas reserves in Russia’s far east.

PVR: According to the company’s Joint Managing Director Sanjeev Kumar Bijli, the multiplex operator wants to run 1,000 screens by the end of FY24 by adding 100 more screens in the next 15 months. PVR announced the opening of three new multiplexes in Jaipur, Bengaluru, and Gurugram on Monday, bringing the total number of screens to 900.

Stocks in F&O Ban: GNFC and Indiabulls Housing Finance are the sole stocks in the F&O embargo period on Tuesday.

Stocks to watch: SBI, Biocon, NDTV, PNB, PVR and more

Aryan Jakhar — Fri, 25 Nov 2022 03:27:03 +0000

The top 10 stocks that will be the subject of today’s attention are listed below:

State Bank of India (SBI): The largest lender in the nation, State Bank of India (SBI), announced on Thursday that it will think about generating money by selling up to 10,000 crores in infrastructure bonds. A greenshoe option worth Rs.5,000 crore will also be included, the bank stated in a regulatory filing. If approved, the fundraising would take place in fiscal 2023 through a public offering or a private placement, according to SBI. On November 29, its executive committee of the central board will convene to discuss the fundraising.

Biocon: The world’s largest biotechnology company, Biocon, announced on Thursday that its subsidiary, Biocon Biologics, has received equity shares worth Rs.2,205.63 crore as part of an equity injection to finance the latter’s purchase of Viatris Inc.’s biosimilars business. In February of this year, Biocon Biologics Ltd (BBL) signed an agreement to buy the biosimilars division of Viatris Inc. for up to USD 3.335 billion (about Rs.24,990 crore). On November 23, BBL made an allocation of the equity shares to Biocon Ltd for a cash consideration of Rs.2,205.63 crore.

Punjab National Bank (PNB): In order to strengthen its capital base, the state-owned Punjab National Bank (PNB) said on Thursday that it had secured government authorisation to sell all of its holdings in UTI Asset Management Company Limited. The bank, which owns a 15.22% interest in UTI AMC, will sell all of its stock in the mutual fund business in a single or series of transactions in order to realise a profit. It is currently valued at Rs.1,329 crore.

NDTV: On the third day of the open offer run by Vishvapradhan Commercial, AMG Media Networks, and Adani Enterprises, about 28 lakh NDTV equity shares were subscribed. More than 16.5% of the total number of shares that will be bought are represented by this. The open offer for Rs.492.81 crores began on November 22 and will run through December 5, 2022. According to BSE data, 27,72,159 equity shares were subscribed for in NDTV’s open offer, which was 16.54% of the book size of 1,67,62,530 equity shares.

Laurus Labs: According to a report, Lauras Labs and Ethan Energy India have signed a Share Subscription Agreement and Shareholders’ Agreement in order to purchase a 26% stake in Ethan Energy India. According to the article, this will enable the business to use all of the solar energy generated by Ethan Energy India’s 10 MW solar energy plant.

ZIM Laboratories: On Wednesday, the provider of drug delivery solutions ZIM Laboratories Ltd announced its intention to list on the National Stock Exchange of India (NSE) on November 25. ZIM Laboratories, which has been listed on the BSE since June 2018 previously, has announced that it will also list on the NSE. The company reported that as of this point, it has given its investors a return on their investment from the listing price of over 85%.

PTC India: Due primarily to lower expenses, PTC India, a provider of power trading solutions, saw its consolidated net profit more than triple to Rs.157.11 crore in the March 2022 quarter. According to a BSE filing, the company’s combined net profit for the three months ending March 31, 2021, was Rs.49.77 crore. Its total expenditures decreased from Rs.3,792.56 crore a year ago to Rs.2,890.57 crore in the quarter.

PVR: To increase its market share, PVR Cinemas on Thursday announced the opening of its first and largest 12-screen superplex in Kerala’s capital city of Thiruvananthapuram at Lulu Mall. On December 5, 2022, this cinema will open for business. The 12-screen facility will feature 2 of PVR’s LUXE luxury formats, including 4DX and IMAX, which are both worldwide formats.

Manaksia Ltd.: The firm has declared a 150% interim dividend for the fiscal year 2022-2023, and the record date for that reason is November 25, 2022, making the stock likely to be in the news tomorrow. In a filing with the stock exchange, the firm stated that its board of directors “Declared Interim Dividend @ 150% (i.e., Rs. 3.00/- per equity shares having face value of Rs. 2/- each) on the Equity Shares of the Company for the Financial Year 2022-2023.” The Interim Dividend must be paid by Friday, December 9, 2022, or earlier.

Commercial Syn Bags, Dev Information Technology, Mafatlal Industries, and Maharashtra Seamless: Commercial Syn Bags, Mafatlal Industries, Dev Information Technology, and Maharashtra These four stocks will be the subject of attention on November 25 because it is the day they become ex-dividend and ex-bonus. These stocks are multi-baggers and have provided investors with impressive returns of between 100% and 450% over the past two years. Three of the stocks are mid-caps, and one is a small-cap.

Stocks to watch today: Adani Ports, IndusInd Bank, PVR, Tata Power and others

Aryan Jakhar — Fri, 16 Sep 2022 03:15:19 +0000

Market made a seven-tenths of a percent correction during the most recent trading session, maintaining a downward trend for the second straight session that was weighted down by stocks in the technology, pharmaceutical, select banking & financial services, and FMCG sectors.

Nifty50 dropped more than 120 points to 17,877, while the BSE Sensex sank more than 400 points to 59,934.

Stocks to watch today:

Adani Ports and Special Economic Zone: Due to a concession deal that its subsidiary HDC Bulk Terminal signed with Syama Prasad Mookerjee Port, Kolkata, for the mechanisation of Berth No. 2 at Haldia port, Adani Ports would increase the capacity of Haldia Dock in Bengal. The special purpose vehicle formed by HDC Bulk Terminal and Syama Prasad Mookerjee Port to carry out the project will be granted the right to plan, finance, construct, operate, maintain, and manage the bulk terminal with a 3.74 million tonne annual capacity at Haldia Dock Complex for a concession period of 30 years.

Future Lifestyle Fashions: On September 14–15, investor Pioneer Investment Fund sold 3.98 lakh equity shares, or 0.2% of the company, through open market transactions. With this, its ownership of the company has increased from 2.64% to 2.44%.

Ester Industries: The firm has completed the sale of Radici Plastics India’s engineering plastics business. In May 2022, Ester entered into a legally binding contract to sell the aforementioned company for Rs 289.33 crore.

UPL: To build a hybrid solar-wind energy power plant in Gujarat, the agrochemical giant has partnered with CleanMax Enviro Energy Solutions, a renewable energy firm with headquarters in Mumbai. A hybrid captive power plant with a capacity of 33 MW of wind power and 28.05 MW of solar electricity will be built and run by the joint venture.

Trigyn Technologies: The City of New York (City), Department of Information Technology & Telecommunications has awarded Trigyn Technologies, Inc. an enterprise task order deal for the provision of Class I citywide systems integration services. It is a six-year order.

Tata Power: With a deal of Rs. 612 crore, Tata Power subsidiary Tata Power Solar Systems will build a 100 MW ground-mounted plant for SJVN in Gujarat. Within 11 months of obtaining the award letter, the project will be put into operation.

MTAR Technologies: The business has orders in the clean energy sector, including civil nuclear power, valued roughly Rs 540 crore.

IndusInd Bank: The board of directors of the private lender accepted Sumant Kathpalia’s appointment to the position of managing director and chief executive officer for a further three years, subject to the approval of the RBI.

PVR: Through open market transactions, three different entities sold 40.45 lakh shares of the multiplex operator for a total of Rs. 759.14 crore. Gray Birch Investment sold 22,06,743 shares at a price of Rs 1,871.18, and Plenty Private Equity Fund I sold 10,76,259 shares at an average price of Rs 1,887.04.

Indian Hotels Company: The hotel management contract for the 129-room Vivanta hotel in Haridwar, Uttarakhand, was signed between Indian Hotels Company and Marvelous Infraestate. The current hotel, which is situated at SIDCUL (State Industrial Development Corporation of Uttarakhand Limited), Haridwar, will change its name to Vivanta after being upgraded.

Stocks to watch today: NTPC, PVR, Coal India, Infosys, Vedanta and more

Aryan Jakhar — Wed, 14 Sep 2022 02:11:42 +0000

NTPC: According to two officials with knowledge of the situation, the state-run NTPC has updated its plans to begin commercial coal mining through its subsidiary, NTPC Mining Ltd. New clearances have also been requested. It is time for NTPC to increase its involvement in the primary power sector fuel. They added, requesting anonymity, that the company had previously attempted to enter the commercial coal mining industry but had failed to obtain the necessary approvals.

PVR: On September 13, the Competition Commission of India (CCI) denied a grievance about the proposed merger of the multiplex companies PVR and INOX Leisure. The CCI rejected the merger, stating that suspicion of potential anti-competitive behaviour by a company cannot be the focus of an investigation. A complaint against the proposed merger, which would establish the largest multiplex chain in the nation with a network of more than 1,500 screens, led to the watchdog’s recent order.

Vedanta: On the same day that it unveiled a $20 billion (1.54 trillion) investment plan for its first such venture in Gujarat, Vedanta Resources Ltd chairman Anil Agarwal said his business is thinking about opening a second chip and display manufacturing facility in India. In order for India to become a centre for chip production and to satisfy domestic and international demand, according to Agarwal, at least two of these factories are required. “There are some interesting proposals from Andhra Pradesh and Maharashtra, and we will look for our second plant after starting operations from the first unit in Gujarat,” Agarwal said over the phone.

Coal India: India’s Ministry of Coal had issued an invitation for bids for commercial coal mines. Today’s forward e-auction for 10 coal mines will begin after the technical review of the bids has been completed. One billion tonnes of coal are expected to be produced from CIL mines, according to Coal India Limited (CIL). The following actions have been made by CIL to help them reach their goal of increasing coal production capacity.

Infosys: According to reports, the company has partnered with Bpost (Belgium Post), a leading postal service provider and expanding parcel and omni-commerce logistics partner in Europe, to build a strong cyber resilience for Bpost’s mail delivery and logistics services and to provide security for the cloud environment.

JSW Steel: To investigate cutting-edge technologies and R&D projects to reduce carbon emissions at the domestic steelmakers’ iron and steelmaking operations in India, JSW Steel, the flagship firm of the $22 billion JSW Group, joined with Germany’s engineering and technology company SMS Group. The businesses will look into ways to produce green steel and lower carbon emissions.

Bharat Forge: The major manufacturer of automotive components Bharat Forge announced on Tuesday that its Kalyani Powertrain division had partnered with the US-based Harbinger Motors to create a joint venture that would be responsible for creating electric drivetrain solutions for the commercial vehicle market. While Harbinger Motors Inc. is involved in the development of electric commercial vehicles, Kalyani Powerplant is a global provider of essential chassis and powertrain components. The new JV, called ElectroForge, would take advantage of each partner’s strengths, according to a statement from Bharat Forge.

Inox Leisure: On September 13, the Competition Commission of India (CCI) dismissed a complaint about the planned merger of the multiplex companies PVR and INOX Leisure. The regulator stated in its seven-page order that it did not believe that an entity that has not yet taken shape could be the target of an investigation under Section 3 or 4 of the Competition Act if it anticipated the possibility of an AAEC (Appreciable Adverse Effect on Competition).

Maharashtra Scooters: According to reports, Maharashtra Scooters said that the business has issued an interim dividend of Rs 100 per share with a Rs 10 face value for the fiscal year ending March 2023. The 23rd of September has been set as the record date for deciding whether or not members are eligible to receive the interim dividend.

Future Lifestyle Fashions: According to the Future Group company, three petitions from Future Lifestyle Fashions Ltd (FLFLcreditors )’s seeking to start insolvency proceedings have been filed with the NCLT, and one of them has been set aside for orders. According to a FLFL update on other matters relating to the Insolvency and Bankruptcy Code, three creditors—two financial and one operational—have submitted claims to the National Company Law Tribunal (NCLT) totaling over 1,100 crore. According to FLFL, the corporation is “defending all of the claims before the NCLT,” and “NCLT has not yet admitted any of them.”

Multiplex chain operator PVR plans to raise 800 crore via QIP

Ushma Ghosh — Thu, 28 Jan 2021 05:08:03 +0000

India’s largest multiplex chain operator PVR Ltd on Wednesday launched a qualified institutional placement (QIP) offering which aims to raise as much as ₹800 crores by selling shares to institutional investors.

This is the second equity fundraise by the multiplex operator since the COVID-19 pandemic shut down movie theatres for more than six months.

“Our company proposes to utilize the net proceeds for (i) pre-payment and/or repayment of outstanding borrowings along with interest, (ii) ongoing capital expenditure, (iii) funding suitable organic and inorganic growth opportunities, including by way of investment in our subsidiaries, (iv) meeting short term & long term working capital requirements,” said the PVR.

“The Fund Raise Committee of the company has approved the preliminary placement document in connection with the QIP and authorised the opening of QIP on January 27,” said PVR in its BSE filing.

The floor price for the issue has been fixed at Rs 1,495.93 per equity share, which is 1.1% higher to the closing price of January 27. PVR shares gained 1.19% on January 27 to close at Rs 1,480.05 on the BSE.

The company said the Fund Raise Committee would consider and determine the issue price of equity shares to be issued pursuant to the QIP including any discount on the floor price on February 1.

The Board of Directors of the company had approved the fundraising on December 18, 2020, while the shareholders by way of a special resolution passed the same through postal ballot on January 19, 2021.

PVR Cinemas declares net loss of Rs 49 crore in Q3 due to COVID-19

Sanah Shah — Fri, 15 Jan 2021 10:48:26 +0000

With the COVID-19 pandemic’s effects, the cineplex chain PVR Cinemas Ltd. on Friday announced a net loss of Rs 49 crore for the 3rd quarter that ended on 31st December 2020. In comparison to the previous year, the net profit was Rs 36 crore.

The company’s December results have been promising considering the net loss reduced in relation to a net loss of Rs 184 crore in the September quarter.

At 2:45 PM on 15th January 2021, the company’s scrip was trading 2% higher at Rs 1,467.35.

Revenue from operations reduced by 95% to Rs 45.4 crore, compared to Rs 916 crore in the previous period.

With the upliftment of restrictions, that is, 50% occupancy, the company said that it is yet to resume 56 screens in 15 cinemas as of January 15.

PVR Cinemas is facing rental negotiations. However, the company said that for the next few months it has the liquidity to meet all debt and interest obligations. Settlements with landlords have reached for 88% cinemas with a complete and partial waiver for COVID-19 lockdown period.

It had cut salaries of employees. The temporary cuts are being rolled back in a staggered format, the cineplex chain said.

Multiplex association of India requests government to reopen cinemas, reveals loss of 9,000 crore in last 6 months

Suchismita Maity — Tue, 15 Sep 2020 15:26:22 +0000

On Tuesday, the Multiplex association of India urged the government to reopen cinemas as the entertainment industry employs a large part of people and has incurred a loss of 9,000 crore in last 6 months. Multiplex chains like PVR, INOX and Cinepolis employs almost 2 lakhs people and provides employment in other department to lakhs indirectly.

The association has stated that almost 10,000 cinema halls have been close for more than 6 months and described it as the ‘soft power of India’ and main media of entertainment for Indians. Every industry has suffered terribly during the pandemic and the entertainment industry due to this condition is starting to loss jobs now.
Have a look at their post:

Dreams come to life at movies on the big screen. There are millions behind the screen who make that happen. #UnlockCinemasSaveJobs pic.twitter.com/BPYE6zCloG

— UFO Cine Media Network (@UFOMoviez) September 15, 2020

Around the world China, UAE, France, Korea, Spain and many other countries have reopened their cinemas with utmost precautions amd safety for the audience. The film association also mentioned that with ‘Unlock India’ malls, restaurants, gym, airlines, railways and retails have been opened but the cinema halls are in so sign of opening.
PVR Pictures, which is one of the largest cinema chain in India tweeted, “The joy of watching stories unfold on big screen: the clapping, the laughing and tears. We miss it. Can’t wait to have you back at the movies #UnlockCimemaSaveJobs”.
INOX Leisure LTD said while retweeting the appeal, “Millions work behind the scenes, to make dreams come to life on the bog screen. Their jobs are at stake. Please reopen cinemas immediately”.