Eros International Media shares jumped as much as 4 per cent on Monday as the Mumbai-based movie production and distribution company’s latest film ‘Tanu Weds Manu Returns’ headed towards the Rs 50-crore mark in collections.
‘Tanu Weds Manu Returns’ made nearly Rs 38 crore over the weekend to become the highest-grossing film in the first weekend this year, tweeted box office trade analyst Komal Nahta.
Another analyst Taran Adarsh tweeted that ‘Tanu Weds Manu Returns’ likely recovered its cost over the weekend itself. The laugh riot featuring Kangana Ranaut and R Madhavan was made at an estimated cost of Rs 30 crore.
‘Tanu Weds Manu Returns’ has also proved to be a major success abroad, according to trade analysts.
According to brokerage Maybank, ‘Tanu Weds Manu Returns’ is likely to gross Rs 100 crore over its lifetime in box-office collections.
“We expect Eros to make at least 100 per cent return on this movie due to sale of music, satellite and other rights,” Maybank added.
The brokerage expects Eros’ other movies – ‘Uttama Villian’ (a tamil movie released in April) and ‘Dil dhadakne Do’ (set to hit theatres in June) to do well as well.
Maybank has a “buy” call on Eros with a target price of Rs 525. As of 11.40 a.m., Eros shares traded 3.5 per cent higher at Rs 435.95 on the NSE, outperforming the broader Nifty, which traded 0.4 per cent lower.
