PVR Cinemas increases screen count to 89

PVR Ltd has announced that PVR Cinemas on August 09, 2007 gave a birth to multiplex culture in Punjab with the launch of 4-screen multiplex in Ludhiana, followed by an introduction of a new concept of Neighborhood Cinema. As a part of the concept the Company opened a 3 - screen multiplex in Prashant Vihar, North Delhi. With these two launches the Company's screen count has gone upto 89 screens in 23 locations in 4 cities.

Sharing his perspective on this occasion, Mr. Ajay Bijli, CMD, PVR Cinemas said, "Punjab is amongst India leading markets and it is a pleasure that we have received the opportunity to be the first to service movie-enthusiasts of the state. Last year we entertained 14 million patrons and with our entry in Punjab and other newer territories lined up, we expect to achieve our target of 19 million patrons this year. Also, the introduction of Neighborhood Cinema concept will act as icing on the cake."

The opening of region specific cinema halls will provide the residents of high-density locales with a cinema viewing option next to their doors. Thus, making it a Neighborhood Cinema. The company foresees this concept to pick up fast within locals owing to easy accessibility it offers.

The stock closed the day at Rs.210, down by Rs.4.65 or 2.17%. The stock hit an intraday high of Rs.221 and low of Rs.207.10. The total traded quantity was 14803 compared to 2 week average of 42739.

Source : Equity Bulls

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