Pyramid Saimira Theatre advances on acquisition buzz

Pyramid Saimira Theatre advances on acquisition buzz

Pyramid Saimira Theatre rose 3.38% to Rs 331.65 at 10:48 IST on BSE on reports that the company is on the verge of acquiring a theatre chain in UK.

Meanwhile, BSE Sensex was up 476.69 points or 2.87% to 17,084.70.

On BSE, 7,417 shares were traded in the counter. The scrip had an average daily volume of 1.66 lakh shares in the past one quarter.

The stock hit a high of Rs 336 and a low of Rs 326 so far during the day. The stock had a 52-week high of Rs 551 on 31 December 2007 and a 52-week low of Rs 211 on 9 March 2007.

The mid-cap scrip had outperformed the market over the past one month till 12 February 2008, declining 30.94% compared to the Sensex’s decline of 19.88%. It had also outperformed the market in the past one quarter, gaining 10.51s% compared to Sensex’s decline of 16.66%.

The company’s current equity is Rs 28.28 crore. Face value per share is Rs 10.

The current price of Rs 331.65 discounts its Q3 December 2007 annualized EPS of Rs 42.23, by a PE multiple of 7.85.

The target company's name was not disclosed however the deal size is speculated to be around $100 million. The target company owns 70 screens in the UK.

In November 2007, Pyramid Saimira Theatre acquired 51% stake in the Mumbai-based advertising firm Dimple Cine Advertising.

Pyramid Saimira Theatre’s net profit rose 479.8% to Rs 29.86 crore on 402.5% growth in net sales to Rs 231.42 in Q3 December 2007 over Q3 December 2006.

Pyramid Saimira is focused on distribution and exhibition of films. Its objective is to have presence in all categories of theatres including malls, multiplexes, cineplexes and standalones across the country in tier I, II and III locations.