Pyramid Saimira Theatre in spotlight

Pyramid Saimira Theatre was locked at the upper limit of 5% at Rs 25.75 on the BSE after its board approved raising up to $100 million through issue of global depositary receipts, American depositary receipts or foreign currency convertible bonds.

The announcement was made after trading hours yesterday, 26 August 2009.

Meanwhile, the BSE Sensex was up 95.41 points, or 0.61%, to 15784.28.

On BSE, 20,733 shares were traded in the counter as against an average daily volume of 1.16 lakh shares in the past one quarter.

The stock had hit a 52-week high of Rs 159.90 on 11 September 2008 and a 52-week low of Rs 13.15 on 5 March 2009.

The stock has risen 21.17% in four trading sessions from a recent low of Rs 21.25 on 20 August 2009. The stock had outperformed the market over the past one month till 25 August 2009, rising 10.34% as compared to the Sensex's 2.01% rise. It underperformed the market in past one quarter, gaining 10.14% as against 12.76% rise in the Sensex.

The small-cap cinema chain operator has an equity capital of Rs 29.76 crore. Face value per share is Rs 10.

The board also approved de-merging its distribution and production wing from the parent company

Pyramid Saimira Theatre is focused on distribution and exhibition of films. Its objective is to have presence in all categories of theatres including malls, multiplexes, cineplexes and standalones across the country in tier I, II and III locations.

The company reported a net loss of Rs 85.37 crore in Q4 March 2009, much higher than a net loss of Rs 3.11 crore in Q4 March 2008. The company's sales fell 67.1% to Rs 80.69 crore in Q4 March 2009 over Q4 March 2008.