Multiplex stocks rallied on September 28 after West Bengal Chief Minister Mamata Banerjee said that cinema halls and open-air theatres will be allowed to operate in the state from October 1.
"To return to normalcy, Jatras, Plays, OATs, Cinemas & all musical, dance, recital & magic shows shall be allowed to function with 50 participants or less from October 1, subject to adherence to physical distancing norms, wearing of masks and compliance to precautionary protocols," the chief minister said on Twitter.
According to industry estimates, while the Indian film industry has been growing at 10 percent in the last four years, since 2016, the Bengali film industry’s collections have been falling by a third every year.
Appealing to the government to allow theatres to reopen on an urgent basis, the Multiplex Association of India on Tuesday said the movie exhibition sector that provides employment to lakhs of people had lost an estimated Rs 9,000 crore in the last six months.
Shares of PVR surged over 10 percent followed teh state government circular and was trading at Rs 1,222.70, up Rs 121.75, or 11.06 percent. It has touched an intraday high of Rs 1,237.90 and an intraday low of Rs 1,145.25.
PVR in its June quarter results said its consolidated revenues for the quarter ended June 30, 2020, were Rs 55 crore as compared to Rs 887 crore during the corresponding period of last year, impacted by the outbreak of COVID-19 and consequent lockdown during the quarter.Inox Leisure share price was trading at Rs 269.15, up Rs 14.85, or 5.84 percent. It has touched an intraday high of Rs 274.75 and an intraday low of Rs 266.90.