PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22

Inox Leisure soared 18 percent to Rs 412.20, while PVR surged 10 percent to Rs 1,662 on the BSE in intra-day trade on Monday.

After the Maharashtra government announced the opening of movie halls and theaters starting October 22, shares of multiplex operators PVR and Inox Leisure hit 52-week highs and soared up to 18% on the BSE in intra-day trade on Monday.

Inox Leisure, one of the individual stocks, rose 18% to Rs 412.20, exceeding its previous 52-week high of Rs 384.10 set on September 22, 2021. In intra-day trade on the BSE, PVR rose 10% to Rs 1,662. On September 22, the stock reached its prior high of 1,631.85.

The media and entertainment (M&E) industry were expected to recover from the consequences of a disastrous year in 2021, with revenues of Rs 1.73 trillion. The forecast was based on India’s rapid economic recovery, and positive consumer sentiment as the country slowly returns to routine.

However, a second wave of the virus at the end of the fiscal year under review might significantly alter the forecast.