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PVR, Inox Leisure stocks gain up to 11% on reports cinema halls may open from August 1

PVR share price gained 6.33% to Rs 1,172 against previous close of Rs 1,102 and Inox Leisure stock rose to Rs 267.5, a gain of 11.34% intra day

twitter-logoBusinessToday.In | July 27, 2020 | Updated 18:10 IST
PVR, Inox Leisure stocks gain up to 11% on reports cinema halls may open from August 1
Ministry of Information and Broadcasting (IB) has proposed the reopening of cinema halls to the Ministry of Home Affairs

Share prices of PVR and Inox Leisure closed higher amid a weak market today on reports that government was planning to open cinema halls in Unlock 3.0. Unlock 3.0 will come into force from August 1. PVR share price gained 6.33% to Rs 1,172 against previous close of Rs 1,102 on BSE. 

Later the stock closed 2.57% higher at Rs 1130. The stock opened with a gain of 3.41% at Rs 1,139.95 today.. The midcap stock has gained 5.86% in last 4 days. The midcap share stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.. Total 2.06 lakh shares changed hands amounting to turnover of Rs 23.55 crore.

PVR share has lost 40.45 % since the beginning of the year and fallen 33.86% during last one year. In a week, the share has gained 9.31%.  The share hit 52-week high of Rs 2082 on February 20, 2020 and 52 week low of Rs 706  on May 19, 2020.

Similarly, share of another multiplex operator Inox Leisure rose to Rs 267.5, a gain of 11.34% intra day. The share opened with a gain of 3.64%  at Rs 249 today. The stock stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. 

PVR share price climbs 4% after board approves rights issue

During one year, the share has fallen 18.66% and fallen 33.39% since the beginning of this year. However, in a week, the stock has gained 11.63% on BSE.

Ministry of Information and Broadcasting (IB) has proposed the reopening of cinema halls to the Ministry of Home Affairs. Cinema halls have remained closed for more than four months due to coronavirus-related lockdown which threatens to derail India's economic growth. Multiplex Association of India has drawn a set of Standard operating procedures (SOPs) in collaboration with its members.

Industry leaders INOX, PVR Pictures and Cinepolis India have assured for paperless tickets seat distancing, staggered intervals and scrupulous sanitising as part of the safety protocol. Algorithms for automatic seat distancing, regular cleaning and disinfecting of the cinemas, lobby area and touchpoints like railings and doors as well as basics like temperature scans will also be part of the SOPs. The SOPs have been submitted to all central ministries, including Prime Minister's office.

Unlock 3.0: Cinema halls likely to reopen from August 1

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