Shares of PVR Ltd rose over 2% in early trade on Tuesday after a block deal transaction on Monday.
Warburg Pincus, through its affiliate Berry Creek Investment Ltd, sold its 24.3 lakh shares or 2.49% equity stake in PVR for about ₹380 crore via block deal. The deal was executed at an average price of ₹1,559.35 per share.
Two domestic funds and one foreign fund have purchased stakes in the business, according to data available on the exchanges.
6.4 lakh shares, representing 0.6% of the company, have been purchased by ICICI Prudential Mutual Fund, and 1.5% has been acquired by SBI Mutual Fund. Foreign fund Societe Generale has bought a minor stake of 0.33%.
"Overall, the stock is in a range, with ₹1,600 as immediate resistance, and ₹1,520 as support; beyond ₹1,600 the stock prices may technically see a breakout that can trigger strong upmove," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
The stock hit an intraday high of ₹1,585 and low of ₹1,561.20. However, the stock has fallen 28.88% from its 52-week high of ₹2,214.8
According to a MintGenie poll, 25 analysts on an average recommend 'strong buy' for the stock.
Also Read: PVR and Inox merger creates a ‘must-have consumption story’, says Nuvama
