Flop show at box office for PVR

• Follow

Country’s largest multiplex chain PVR Inox touched a 52-week low of Rs 1,403.40 on Tuesday, May 16. PVR Inox , which is a new company formed after the merger of PVR and Inox, declared its results for the first time. And the results have been very disappointing. The company’s losses have increased three times even as income almost doubled. Losses in Q4 went up three times from Rs 95.6 to Rs 285.7 crore. However, the company’s income increased by 111% to Rs 1,164.7 crore from Rs 552.6 crore and the company has returned from operating loss to operating profit. The company has earned a working profit of Rs 26.9 crore as against the working loss of Rs 17.8 crore in the same period last year. In contrast to the poor results, the management’s commentary has given some relief to the investors of PVR Inox. The company will add 150-175 new screens in FY24. It also said 50 cinema screens, which are making losses, will be closed in next 6 months. Apart from this, the board has also approved to raise Rs 100 crore through NCDs. Maybe that’s why at the end of trading, the stock closed with recovery from the day’s low.

Vedanta-Foxconn chip factory set to get green signal The government is set to approve the chip-making plan of the Vedanta-Foxconn joint venture under the $10-billion Indian Semiconductor Mission (ISM). This will pave the way for the Centre’s bid to establish India as a global hub for semiconductors. Vedanta Foxconn Semiconductors Ltd has signed initial pacts with two companies for technology transfer–US-headquartered GlobalFoundries and European chip-maker STMicroelectronics (STMicro). The details of the two have been submitted to the information technology (IT) ministry.The government has asked VFSL to submit details of the “binding technology transfer agreement” with either of the two companies.

For more on corporate and markets update, watch Corporate Central: