Cineline India locked in upper circuit on Monday! Here's why!
The stock had locked in 5 per cent upper circuit on Friday whereas on Monday, it has frozen in 4.98 per cent upper circuit at Rs 95.90 per share.
Cineline India, who carries on the business of building owning and operating multiplex theatres and entertainment centres is locked in a 4.98 per cent upper circuit in Monday's trading session.
On Friday, the company informed the exchange that it has tied up additional 25 screens. It has acquired 25 screens on a lease basis of which 7 in Hyderabad, 6 are in Noida, 3 in Gurgaon, 4 in Nagpur and 5 in Punjab. All the screens are leased properties. These theatres will have an aggregate seating capacity of more than 5,000 seats.
After March 31, 2022, the company will get access to its own 9 properties with 23 screens across Mumbai, Thane, Nashik, and Nagpur bearing an aggregate seating capacity of more than 6,000 seats.
Cineline India also plans to grow the film exhibition business on a rapid scale in due course of time by acquiring theatre properties PAN India.
The company's current footprint is designed as -
- Total No. of Screens - 48
- Total No. of Seats - 11,000+
- Cities Present – 8
The company can sense a huge opportunity for organized players to increase their foothold and plan to create a strong consumer-oriented brand in this segment. Also, a strong pipeline of upcoming movies is likely to create huge opportunities to grow exponentially.
As a part of the Kanakia Group, Cineline India Limited is one of the most renowned real estate players in Mumbai, on the back of its ability to identify properties with robust returns across markets such as Mumbai and Nagpur. The company’s modus operandi comprises identifying and acquiring such commercial properties and renting out retailing, parking, and advertising spaces.
The stock of Cineline India has zoomed 55.09 per cent in the last six months as well as 117.76 per cent in the last one year. The stock had locked in 5 per cent upper circuit on Friday whereas on Monday, it has frozen in 4.98 per cent upper circuit at Rs 95.90 per share.