EROS International Media Ltd (BSE:533261, NSE:EROSMEDIA) has seen its share prices climb up more than 5% on Wednesday morning trade on news of partnership with Reliance Industries Ltd for production and consolidation of content across India. Both partners will equally invest upto Rs 1000 cr in aggregate to produce and acquire Indian films and digital originals across all languages.
Ms Jyoti Deshpande, Group CEO and MD of Eros International Plc, the parent of Eros India is stepping down from her executive role after 17 years to head the media and entertainment business of RIL as President of the Chairman’s Office.
Mukesh Ambani, Chairman, RIL said, “We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership. We are delighted to welcome Ms. Jyoti Deshpande into the Reliance family and believe that she will not only give wings to our plans but also play a pivotal role in transforming the sector.
Eros Media net profit tumbled 34.08% annualised in Q3FY18 while sales fell 41.73% to Rs 193.51 cr. It is trading at a PE of 31.75, while technical charts are indicative of bullishness with RSI of 50.86 and MACD witnessing a bullish crossover.
In morning trade, the scrip was up 5.46% to Rs 208.50 after hitting a high of 219. The scrip has rebounded sharply from a recent low of 184.