PVR, INOX at 52-week high to reopen in Maharashtra

PVR, INOX at 52-week high to reopen in Maharashtra

Shares of multiplex operators PVR and Inox Leisure hit their 52-week high and rose up to 18 per cent on the BSE in intra-day trade on Monday after the Maharashtra government announced opening of cinema halls and multiplexes in the state from October 22. Speed ​​came. .

Among individual stocks, Inox Leisure rose 18 per cent to Rs 412.20, surpassing the 52-week high of Rs 384.10 registered on September 22, 2021. PVR rose 10 per cent to Rs 1,662 on BSE in intra-day trade. The stock surpassed its previous high of 1,631.85 hit on September 22.

at 09:45 am; Both these stocks erased partial gains, with Inox trading 10.5 per cent higher at Rs 387 and PVR up 6 per cent at Rs 1,599 on the BSE. In comparison, the S&P BSE Sensex was up 0.50 per cent at 60,348.

Maharashtra is one of the largest markets for cinema theatres, accounting for about 25 per cent of Hindi box office revenue. It is also the only major state in the country that has not yet allowed the reopening of cinema halls since the Covid-19 restrictions imposed after the second wave.

Maharashtra Chief Minister Uddhav Thackeray on Saturday said that theaters and drama theaters in the state will be allowed to operate from October 22 on the condition that they follow all protocols required to contain the spread of coronavirus, reported PTI. Click here for the full report

The media and entertainment (M&E) sector was projected to rebound from the impact of a cataclysmic year and reach Rs 1.73 trillion in revenue in 2021. Growth forecast was based on India’s rapid economic recovery and favorable consumer sentiment, with a gradual return. normal condition

However, a second wave of the virus at the end of the financial year under review could significantly change the forecast. PVR said in the FY 2020-21 Annual that the digital and online gaming segment will continue to grow at a favorable pace due to the increasing shift towards digital platforms and deeper penetration of smartphones and internet across the country, irrespective of the sectoral environment. report good.

While cinema halls have been allowed to open in most states across the country, they are operating under restrictions at various levels, both in terms of time and capacity. Since Hindi content is limited, regional and English film releases have supported operations so far.

PVR has taken steps in the last 18 months to reduce costs and increase liquidity. After the second wave of COVID-19, it has been able to negotiate with most mall owners, wherever operations have been resumed, with revenue sharing arrangements or with less guaranteed payments from the second quarter of the financial year- To waive off the rent for the entire closing period. 2022 onwards. In addition, the company has conserved cash by reducing its workforce and removing maintenance outlay and capital expenditure (capex), rating agency Crisil had said in the argument. Click here for the full report

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