India's PVR INOX extends losses on brokerages' downgrade

PVR INOX

17/05/2023 10:08

** Shares of PVR INOX Ltd  PVRL.NS  fall as much as 6.9% to
1336.40 rupees, their biggest intraday pct loss since Dec 6,
2021
    ** Stock set for worst day since Dec 23, if losses hold
    ** The cinema operator lost 7% in the past two sessions
    ** Prabhudas Lilladher ("buy") cuts price target to 1,879
rupees from 2,096 rupees; reduces EBITDA estimates for FY25
after co's "dull" FY24 screen opening outlook of 150-175 screens
    ** B&K Securities ("hold") reduces price target to 1,705
rupees from 1,800 rupees; says co needs several movies in the
1-2 billion rupees net collections for re-rating
    ** Eleven of 12 analysts, who reviewed their recommendations
after results on Monday, reduced their price target - Refinitiv
data
    ** Over 1.9 mln shares change hands, 3.4x their 30-day avg
volume
    ** Stock down 20.4% this year, as of last close 
    
    

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))