Pritish Nandy Communciations edged up today on news that its latest film Jhankar Beats is doing well at the box office.
As a result, the PNC stock moved higher by 2.6% to Rs 27.60 on BSE in afternoon trades . The stock however came off the day's high of Rs 29.50 (at which point, the stock had gained as much as 9.6%). 36,700 PNC shares changed hands on BSE thus far.
The stock has been range bound (at Rs 25-28) in the past few trading sessions after an earlier recovery (from a low of Rs 15 on 31 March 2003). However, daily volumes in the stock have varied widely from between less than 10,000 shares to between 20,000-2 lakh shares over the last few months. Average daily volumes in the stock over the last one year (to 20 June 2003) were 34,821 shares on BSE.
As per an announcement by PNC today, Twentieth Century Fox, the Hollywood studio which has has distributed PNC's latest film Jhankar Beats has declared the film as a '100% hit'. Jhankar Beats was released on Friday, 20 June 2003. Jhankaar Beats is a 'feel good' film about three men wanting to make it big in the music industry.
Jhankar Beats is the first Hindi film to be theatrically distributed in India by 20th Century Fox and is the precursor of several such releases being planned by Fox and PNC together. 20th Century Fox had earlier released the very successful crossover film, Bollywood Calling, produced by PNC.
Jhankar Beats' music has been acquired and released by Crescendo Music and is already a nationwide hit, according to PNC . The world satellite rights for the film have been sold to Star TV. Fairdeal International has acquired Jhankaar Beats for overseas release.
Other PNC films set for launch in the coming months include Hazaaron Kwaishein Aisi.
Earlier, PNC forayed into the lifestyle market with the launch of a cafe-cum-bistro, Sin, at Moksh, the wellness club promoted by the company in Mumbai, as part of the 10th anniversary celebrations of the company. It also plans to set up wellness clubs in New Delhi and London and also get into merchandising products under the Moksh brand.
Incorporated in September 1993 by author, journalist, editor and TV host, Pritish Nandy, PNC was converted into a public limited company in March 2000. The company is engaged in the production, development, promotion, exhibition, dealing and marketing of various TV shows and making films.
PNC initially focussed on the production of news and current affairs programmes on Doordarshan and gradually expanded offerings to include all the major satellite channels. It now produces comedy serials, chat shows, power interviews, corporate and business shows, environmental and animal rights shows, career shows, lifestyle shows, live election debates, exit polls, award shows as well as typical soap operas that cut across channels, genres and languages.
The company has also extended itself into areas like brand building and event management that have direct links with its core business of TV content. With specialist skills in developing media and entertainment content, it has moved into the Internet business and sought synergies between these and content software.
PNC reported a quantum jump of 263% in net profit for the fourth quarter ended 31 March 2003 from Rs 54 lakh a year ago to Rs 1.9 crore. However, income from operations fell 36% to Rs 6.4 crore for the quarter. Net profit dropped by 8% for the year ended 31 March 2003, to Rs 1.6 crore against Rs 1.8 crore last year.
As on 31 March 2003, the promoters' holding in the company was 35%, while that of the public and institutions was 22.11% and 19.88%, respectively.
