PVR touched a 52-week high of Rs 1,662.20 and Inox Leisure touched a 52-week high of Rs 412.20.
The Maharashtra government will allow theatres and auditoriums to open from October 22 on the condition that all safety measures, Covid case count and vaccination data are taken into account.
Chief Minister Uddhav Thackeray in a tweet said the standard operating procedure (SOP) for the reopening was in the works and would be announced at the earliest.
The state contributes 25-30 percent to Hindi films' box office collections, making it key to big Bollywood releases.
Maharashtra, one of the worst-hit states by the COVID-19, reimposed a slew of restrictions in March this year following the onset of the second Covid wave.
While most curbs were rescinded from June, the state government decided not to reopen places of worship and cinema halls to prevent mass gatherings.
The Multiplex Association of India (MAI), along with leading cinema chains PVR and INOX, had requested the Maharashtra government to reopen theatres on "urgent basis", claiming the industry had suffered losses up to Rs 4,800 crore due to the prolonged closure.At 0927 hours, PVR was quoting at Rs 1,605, up Rs 93.90, or 6.21 percent, and Inox Leisure was quoting at Rs 382.80, up Rs 33.00, or 9.43 percent on the BSE.