homemarket Newsstocks News

PVR, Inox Leisure's shares surge up to 17% on reopening of cinemas

PVR, Inox Leisure's shares surge up to 17% on reopening of cinemas

PVR, Inox Leisure's shares surge up to 17% on reopening of cinemas
Profile image

By CNBCTV18.com Oct 1, 2020 1:43:37 PM IST (Published)

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.

Recommended Articles

View All

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.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng