About 9,500 theatres across the country were shut since March 25 due to the nationwide lockdown in view of COVID-19.
Investors are betting that things will soon start looking up for PVR and Inox Leisure after a six-month lull with the Ministry of Home Affairs allowing multiplexes to restart operations from October 15, with 50 percent seating capacity. This led shares of PVR and Inox Leisure to rally as much as 18 percent intraday. The stocks have given up some of the initial gains, but are still trading 7-8 percent higher than Wednesday's levels.
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Separate standard operating procedure (SOP) guidelines will be issued with respect to the reopening. Meanwhile, the Multiplex Association of India (MAI) has "wholeheartedly" welcomed the Union Home Ministry's decision, especially as the country heads towards an upcoming festive season.
About 9,500 theatres across the country have been shut since March 25 due to the nationwide lockdown following the outbreak of COVID-19.
In a release, MAI said, "We would like to extend our heartfelt gratitude to the Ministry of Home Affairs and the Ministry of Information and Broadcasting for their support and guidance. We are committed to ensuring a safe, secure and hygienic cinema-going experience for the movie lovers of our country, as always, we would continue to assign top-most priority to the health and well-being of our guests and employees."
However, some states, including Maharashtra, have decided to keep schools and cinema halls shut for another month due to the rising number of COVID-19 cases.