Bucking the trends, shares of film production and distribution company Eros have jumped more than 19 per cent in Wednesday's session. The stock traded higher even as the Nifty Media index declined, according to exchange information. The shares traded at day's high of Rs 30.20. The film, production and distribution counter had settled at Rs 25.35 on Tuesday.
Shareholding pattern on exchange show that non-institutional investors own 49.54 per cent stake while promoters have 48.05 per cent stake. Foreign institutional investors have increased their stake by 0.05 per cent to 2.39 per cent in the March 2023 quarter.
Eros International shares have rallied more than 50 per cent from its 52-week low at Rs 20 that it had touched in August last year. It has turned multibagger in three years period, delivering a return of 275 per cent.
For the year ended on March 31, 2023, the company reported 62 per cent year-on-year increase in consolidated revenue at Rs 756 crore. On quarterly basis, it saw 1,108 per cent jump in consolidated revenue Rs 404 crore.
Earlier in March this year, the company had informed the exchanges that it executed a binding agreement for an itemized assets sale with regards to its music assets to a third party. Eros, based out of Mumbai, was incorporated in 1977. It is one of leading player in the entertainment industry with a vast distribution network.
Meanwhile, Sensex and Nifty50 traded flat on Wednesday after two days of rally as investors preferred to stay on the sidelines ahead of the announcement of the US Fed interest rate decision later in the day. The 30-share BSE Sensex traded around 63,225, the NSE Nifty quoted near 18,750 around noon.