MUMBAI: Mind blowing! These two words explain the performance of Indian media and entertainment company – Eros International – on the London Stock Exchange’s Alternative Investment Market (AIM).
Buoyed by the results and the announcements of the company, Eros’ share price skyrocketed from Â£392 on Tuesday, 3 July to Â£480 today (Thursday, 5 July) up by Â£88 in a matter of two days. This came even as the AIM closed lower at 1342.00 GBX, down 21 points today from its previous day’s close.
When Eros announced its results yesterday, the share price went into frenzy, closing the day at Â£421. Today, the reaction from investors was even better as the stock touched a high of Â£481. The stock was up 14.01 per cent today.
Speaking to Businessofcinema.com, Eros International chairman and CEO Kishore Lulla said, “It has been the hard work of 30 years the Eros team, which has brought these results. The shareholders have shown immense faith in us, which is a big responsibility for us going forward. The focus of Eros is always to participate in the consolidation of the Indian entertainment sector. We as a company believe in bottom line, which drives the team and our focus would be to get involved in prime content and strengthen our global distribution network.”
Interest in the Indian film industry has catapulted in the last couple of years with major Hollywood studios eyeing a share of the market. At a time like this, Indian film companies have also been spreading their wings. While Eros International listed on AIM last year, this year saw TV18 and Viacom’s joint venture – The Indian Film Company and Ronnie Screwvala’s UTV Motion Pictures getting listed on AIM.
Eros International stock up Â£29 on AIM post results