PVR, Inox Leisure rally on reopening optimism
Declining Covid-19 cases in India has boosted hopes the Maharashtra government may soon allow multiplexes to operate at full capacity.
Shares of two multiplex operators rose by 4.43% to 5% as reopening optimism returns amid declining Covid-19 cases across the country. PVR gained 5% to Rs 1495.05 and Inox Leisure was up 4.43% at Rs 327.40. Declining Covid-19 cases in India has boosted hopes the Maharashtra government may soon allow multiplexes to operate at full capacity.
India’s Covid-19 vaccination coverage exceeded 81.85 crore as per provisional reports till 7 am today. The recovery of 34,469 patients in the last 24 hours has increased the cumulative tally of recovered patients (since the beginning of the pandemic) to 3,27,49,574. Consequently, India’s recovery rate stands at 97.75%.
The active caseload is presently 3,09,575. Active cases presently constitute 0.92% of the country’s total positive cases.
On 7 September 2021, the Multiplex Association of India (MAI), along with leading cinema chains PVR and INOX, urged the Maharashtra government to reopen theatres in the state on urgent basis, claiming that the exhibition industry has suffered losses to the tune of Rs 4,800 crore. The coronavirus pandemic had an overwhelming effect on the film industry as many film shoots and theatres across India were halted twice.
All other States across the country have reopened cinemas, State of Maharashtra, which is the most critical part of the functioning film industry. is the only major State. where cinemas are yet to reopen, MAI said in a statement.
In 2020, film production activities and theatres business came to a standstill from mid-March when the pandemic first hit India, only to be restarted for a few months from October and November in various parts of the country. Due to the second wave of Covid-19, which hit India in April this year, theatres across India remained closed from the same month.
As cases of Covid-19 dropped, states like Madhya Pradesh, Rajasthan, Punjab, Haryana, Gujarat, Andhra Pradesh and Telangana have permitted the resumption of operations in cinema halls. However, Maharashtra is yet to reopen theatres.
PVR one 3 September 2021 announced the opening of 3 new screen multiplex in Jamnagar at ‘JCR- The Entertainment World’, Gujarat.
With this launch, PVR now operates the largest multiplex network with of 849 screens at 177 properties in 72 cities (India and Sri Lanka).
Meanwhile, Inox Leisure on 18 September 2021 commenced the commercial operations of a multiplex cinema theatre at Bhilwara, Rajasthan. It commenced the commercial operations of a multiplex at Jaipur, Rajasthan on 28 August 2021.
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