PVR opens multiplex at Chennai

The fifth largest Media and Entertainment company by market capitalisation, PVR, announced the opening of a multiplex at SKLS Galaxy Mall, Chennai on Friday. The stock of PVR is trading up with marginal gains of 0.9 per cent at 12:00 hours.

PVR operates the largest multiplex network with 643 screens at 138 properties in 54 cities. With this addition, the company expands its presence in Tamil Nadu, where it holds 27 screens across 5 properties and 169 screens across 26 properties in Southern India. The multiplex contains five next generation 3D-enabled screens equipped with 4K projection system along with Dolby Digital surround-sound. The multiplex is expected to attract audiences from across residential, industrial and college areas as it is built in Chennai's outskirts.

The stock of PVR has been trading in a consolidation phase for the last four trading sessions after six consecutive upbeats prior to that. The stock has breached its 61.8 per cent retracement of the prior sharp downward rally from 1,425 to 1,065 levels. With this, the stock is seen forming a kind of Pennant pattern on the daily timeframe and hence can give a potential upside above 1,320 levels. Meanwhile, volumes and oscillators are picking up momentum.