Moneycontrol Bureau
Shares of Eros International Media rallied 8 percent intrday on Thursday. Shareholders are cheering up its suceess of Housefull 3 and expansion of its digital distribution. The stock gained 24 percent in last 15 days but lost 57 percent in last one year period.
The company's digital over-the-top distribution service, Eros Now, has now expanded availability of the service to the Apple TV media platform.
The application is available across Apple TV’s presence in 80 key countries including the USA, UK, India, Canada, Australia, and Malaysia. Its service on app includes features such as: full length movies, thematic curated playlists, English and Arabic subtitles for movies, music video playlists, regional language filters, video progression and access to a Watchlist of titles discovered on any media platform that Eros Now is available on.
The app is available across most smart TV platforms including Android TV, Samsung, Chromecast and Amazon’s Fire TV.
According to the company, its new film Housefull 3 has collected over Rs 100.03 crore across the globe in the opening weekend with Rs 73.02 crore in India and Rs 27.01 crore overseas. Produced by Sajid Nadiadwala and Eros International, directed by Farhad-Sajid, the film starring Akshay Kumar, Riteish Deshmukh and Abhishek Bachchan opened worldwide on June 3.
Meanwhile, analysts are bullish on the stock post March quarter results. IDBI Capital has a buy rating with a target price of Rs 285 per share with a believe that the best period for content monetisation for Eros is yet to come. It has also increased FY17/18 earnings per share (EPS) by 8/4 percent.
IDBI Capital expects Eros to re-rate from current levels as it demonstrates execution in FY17 over progress on re-alignment of catalogue sales; US 1 million paid subscribers target for Eros Now by end-FY17 and performance of its FY17 movie slate.
At 11:32 hrs Eros International Media was quoting at Rs 214.50, up Rs 8.55, or 4.15 percent on the BSE.
Posted by Nasrin Sultana Follow @NasrinzStory
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