Balaji Telefilms had been hitting new lows consistently, almost this entire week and today it has bounced back with vigor. The stock opened with a gain of 9% at Rs.65.80, which remains its intraday high point currently. It is now ruling at Rs.62 levels.
The bounce back is on news that it has sold rights for upcoming slate of four movies for over Rs 100 crore.
Pen Marudhar Entertainment (subsidiry of Pen Studios) has acquired the distribution rights for Mental Hai Kya, Jabariya Jodi, Dream Girl & Dolly Kitty Aur Woh Chamakte Sitaare.
Earlier in the year the company had sold to Zee Entertainment Enterprise the Satellite, Digital and Music rights for these films. Following the sale of the theatrical distribution rights for these movies, the company stated that it has recovered all its costs associated with the movies by way of minimum guarantee and is on path to deliver a sizeable profit in the movie business.