Eros International shares soar 19% amid heavy trading volumes

Shares of Eros International Media surged more than 19 per cent during the trading session on Wednesday amid the heavy trading volumes. The stock has gained more than 25 per cent in the current month so far.

Shares of Eros International Media hit a day high of Rs 30.20 on Wednesday, before giving up their gains partially to trade at Rs 28.29 at 12.15 pm. The film, production and distribution counter had settled at Rs 25.35 on Tuesday.

According to the data from BSE, more than 1.59 lakh shares of Eros International Media worth Rs 0.46 crore were traded as of 12.15 pm which is more than four times the two-week average volumes. Similarly, 31.07 lakh shares amounting to more than Rs 8.91 crore exchanged hands on NSE.

Shares of Eros International Media have rallied more than 50 per cent from its 52-week low at Rs 20 hit in August 2022. The scrip has turned multibagger in the last three years as the stock has delivered a return of more than 275 per cent in the last three from its covid-19 lows at Rs 8.

For the year ended on March 31, 2023, Eros International reported a more than 62.44 per cent year-on-year (YoY) growth in consolidated revenue from operations to Rs 756.51 crore. However, the company reported a loss of Rs 119.78 crore for the period.

For the quarter ended 31 March 2023, the company saw a 1,108 per cent jump in its consolidated revenue from operations on a sequential basis (QoQ) at Rs 404.47 crore from Rs 33.46 crore in the December 2022 quarter. However, its loss narrowed during the period under review.

Earlier in March 2023, Eros International Media informed the exchanges that it executed a binding agreement for an itemized assets sale with regards to its music assets (including all rights, title and interests related thereto) to a third party.

Mumbai-based Eros International Media is a global entertainment company focused on the production, acquisition, and distribution of Indian films. Indian films produced and distributed by Eros International span a variety of languages and genres. It has also expanded its operations to encompass digital platforms and content distribution.

Also read: Persistent Systems shares plunge 4% as JPMorgan sees stock at Rs 4,100

Also read: Paytm shares hit 52-week high; stock up 93% from one-year low. What's next?