Moneycontrol Bureau
Talwalkars Better value Fitness shares rallied 7.7 percent intraday Wednesday after ace investor Porinju Veliyath's equity firm picked up stake in the company.
Equity Intelligence India [PMS] bought 2,08,679 (representing 0.7 percent of total paid up equity) of the company at Rs 196.96 apiece through a block deal on Tuesday.
Talwalkars is one of India's largest chain of Gyms, fitness clubs and health centres.
Public shareholders (other than promoter and promoter group) held 62.05 percent stake in the company as of December 2015, including Birla Sun Life, Franklin, Axis Bank, American Fund Insurance, Unit Trust of India etc.
Meanwhile, the company launched a whopping 33 Zorba - renaissance studios in 25 cities in India that will spread yoga wellness. Talwalkars observed an EBITDA (earnings before interest, tax, depreciation and amortisation) increase from 35 percent to 50 percent post partnership and through existing studio chain in Chennai & Bengaluru.
Anant Gawande, CFO of Talwalkars said Yoga is the second most revenue generating businesses in health & fitness category and he expects industry to grow by 20 percent in next five years.
At 12:32 hours IST, the scrip of Talwalkars Better value Fitness was quoting at Rs 208.80, up Rs 9.60, or 4.82 percent on Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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