PVR surges 5.5% on DT Cinemas buy

Shares of multiplex operator PVR rallied 5.5 percent on Wednesday, a day after it acquired real estate major DLF's DT Cinemas for Rs 500 crore. The stock jumped 5.53 percent to Rs 703.30 on BSE. On NSE, it gained 5.14 percent to Rs 701.

PVR on Tuesday closed a deal acquiring DLF's DT Cinemas for Rs 500 crore, which marked yet another consolidation in the movie exhibition space in India.

Ajay Bijli-controlled PVR Cinemas, which had aborted a similar deal with DLF in February 2010, yesterday signed a definitive agreement with the realty major to acquire 39 screens of DT Cinemas with a total capacity of around 9,000 seats.

The deal is PVR's second major buyout after Cinemax deal for Rs 395 crore in 2012.