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Inox, PVR shares at 52-week high after Maharashtra decides to reopen theatres
Shares of leading multiplex chains Inox Leisure and PVR registered respective 52-week highs on Monday, rallying by up to 18 per cent on the Bombay Stock Exchange (BSE), two days after the Maharashtra government announced that movie theatres across the state will be allowed to reopen from October 22 after months of being shut due to the second wave of the Covid-19 pandemic.
According to a report in the Business Standard, Inox shares surged 18 per cent to 412.20, surpassing its previous high of 384.10 recorded on September 22 last year. PVR shares, meanwhile, rallied 10 per cent to ₹1662 on the BSE during the intra-day trade, exceeding its previous record of ₹1631.85 on the same date as Inox stocks last year.
At 9:45am, the two stocks lost a bit of momentum, with Inox shares rising 10.5 per cent to ₹387, while those of PVR were at ₹1599, up 6 per cent. At the same time, BSE Sensex was trading at 0.50 per cent higher at ₹60,348, the report said.
Maharashtra, the report notes, is one of the largest markets for movie theatres, contributing nearly one-fourth of the total Hindi box office revenue on its own.
With the western state now recording just over 3000 fresh Covid-19 infections per day, its chief minister, Uddhav Thackeray, last Saturday, gave permission to theatre and auditorium owners to reopen their establishments. Thackeray, however, put forth the condition that the owners will have to ensure strict compliance with all Covid-19 protocols.
According to the Chief Minister’s Office (CMO), the preparation of detailed SOPs in this regard is currently underway. Hindustan Times
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