“The drought seen (in cinemas) in July and August gets wiped out due to strong footfalls of ‘Brahmastra’ in September. ‘Brahmastra’ has seen the highest opening in non-holiday Hindi film of Rs 105 crore domestic box office collection over weekend,” Roy said.
According to producer Dharma Productions, the movie had worldwide gross collections of Rs 160 crore on Friday and Saturday.
PVR’s CEO Kamal Gianchandani had also said the company’s multiplexes saw bookings worth Rs 8.1 crore on the first day, the third-best collections by a movie among recent box office hits.
According to Roy, ‘Brahmastra’ did better than expectations on the back of strong marketing, differentiated content and a strong star cast. Apart from that, pent-up demand had a role to play as the past three months saw “weak content and lack of marketing campaigns”.
Shares of PVR gained as much as 5.1% on Monday. It had lost 5.1% on Friday at close. Of the 31 analysts tracking the company, 27 maintain a ‘buy’, two suggest a ‘hold’ and two recommend a ‘sell’, Bloomberg data shows. The 12-month consensus target price implies an upside of 15.9%.
Inox Leisure, set to merge with PVR, also saw its stock gain as much as 5.5%. It, too, had lost more than 5% on Friday. Of the 22 analysts tracking the company, 20 maintain a ‘buy’ and two suggest a ‘hold’. The return potential is 28.5%.