PVR shares: Prabhudas Lilladher predicts strong upside in medium term
Premium- PVR share price may go up to ₹2,110 apiece levels in medium term, believes Prabhudas Lilladher
Stock market today: PVR share price has dipped near 10 per cent in last one month. However, it has given stellar 30 per cent return to its shareholders in the last six months. So, the current sell-off is mainly a profit-booking than any major concern for the shareholders. The stock has been giving some upside movement in last few sessions, logging around 6 per cent rise in last one week. Probably, this has caught attention of Prabhudas Lilladher research team that believes that base building mode in the stock is over and the stock is ready for sharp upside in short to medium term. The brokerage believes that PVER share price may go up to ₹2,110 apiece levels in medium term, delivering more than 10 per cent return to the positional investors. PVR share price today is around ₹1900 apiece on NSE.
Giving buy tag to PVR shares, Prabhudas Lilladher research report says, "The stock has overall maintained an uptrend indicated by the ascending channel pattern on the daily chart recently taking support near ₹1,800 levels and with improving bias has witnessed a decent pullback. The RSI indicator has indicated a trend reversal from the oversold zone and signaled a buy with immense upside potential visible. With the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of ₹2,110 keeping the stop loss of ₹1,830."
Recently PVR informed Indian stock market exchanges about opening of new screens citing, "We are pleased to inform you about the opening of 4 screen multiplex in Venu Mall at Nizamabad, Telangana. The cinema is equipped with cutting-edge cinematic technologies including 2K projectors, Next-Gen 3D screens and Dolby Atmos sound to provide an unparalleled captivating and immersive experience. With this launch, PVR now operates the largest multiplex network with 858 screens at 174 properties in 76 cities (India and Sri Lanka). Copy of press release is enclosed."
With this launch, PVR Cinemas consolidated its foothold in Telangana with 71 screens in 13 properties and 299 screens across 49 properties in South.
Speaking on the launch, Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd, said, “South has a strong base for movie culture and there is great scope for expansion in the backdrop of a vibrant film industry. Since the appetite for movie watching is higher in south, there is a wide acceptance to Hollywood and Bollywood movies among audiences. Our entry in Nizamabad is aligned to the company’s strategy to increase its presence in Tier-2 and Tier-3 cities to provide the local population access to best in class entertainment facilities and an enhanced movie going experience."
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