The months-long COVID-19 pandemic has taken a toll on almost everything, but some sectors are clearly in the eye of the storm as the “no touch” economy has virtually jeopardized their business case. We cherry-pick some of the heavily dusted gems that can shine bright, once the crisis abates.
Harkness Screens, a global screen technology company has launched a non-coated, weatherproof outdoor screen technology in India
A set of SOPs drawn up by the Multiplex Association of India in collaboration with its members was submitted to various Central ministries as well as Prime Minister's Office and Niti Aayog earlier this month, said industry leaders INOX, PVR Pictures and Cinepolis India.
The announcement comes at a time when star-studded ventures like Laxmmi Bomb and Sadak 2 are releasing on an OTT platform directly.
Whenever cinema halls open, they will lose peak annual occupancy of 30-38 percent which may not be achievable for both INOX and PVR due to the social distancing norms.
The war of words, at a time the entertainment industry faces crippling revenue losses following the coronavirus-forced lockdown, was triggered by Amazon Prime Video acquiring Amitabh Bachchan-Ayushmann Khurrana-starrer "Gulabo Sitabo" and "Shakuntala Devi", with Vidya Balan in the title role of the mathematics whiz, for direct-to-digital premieres.
After the INOX statement, the Producers Guild of India issued a statement saying that this is the time when the film fraternity should come together.
Wind turbine maker Inox Wind Ltd on Monday said it has resumed operations at all three manufacturing plants. These plants are located at Barwani (Madhya Pradesh), Ahmedabad (Gujarat) and Una (Himachal Pradesh).
According to Karan Taurani, Vice President, Elara Capital, March was expected to be big but the spread of coronavirus in India could be a dampener for the box office business.
Inox currently operates 578 screens at 140 multiplexes across 67 cities in India.
During the current financial year Inox added 68 screens across 14 properties.
According to film trade analyst Atul Mohan, 23.52 crore cinema goers - up by 10 percent from last year - went to multiplexes, which include both national and local players.
Inox Leisure presently operates 529 screens in 66 cities.
If and when the rule of carrying one's own food to the theatres is implemented, the worst hit would be PVR, which has 157 screens in Maharashtra.
For the quarter ending 30 June 2018, INOX Leisure Limited (INOX) reported Rs 414.9 crores of revenue from operations
Inox at present has 496 screens across 124 properties in 61 cities, including two properties in prime locations in Mumbai
The Street is worried that in FY18 there will be more pressure on margins and the working capital cycle will be extended thus putting further pressure on the liquidity and coverage ratio.
Company plans to demerge chemicals business into a separate entity; standalone specialty chemicals business valued at Rs 5,000 crore.
"Due to liquidity issues, the company had decided to sell the 'Cinemas' and 'Retail' divisions of the company," SRS Ltd said in a regulatory filing.
The new multiplex will include 2 screens and a seating capacity for 277 seats. With the latest addition, Inox now has 416 screens in 106 properties across 57 cities and 19 states in India, the company said in a statement today.
Mumbai-based Carnival Cinemas may add 250 screens to its burgeoning list of cinemas that it operates through the country in 2016, a move that will bump its screen count to about 600 and is targeting total screen count of 1,000 by 2017, Chairman Shrikant Bhasi told CNBC-TV18's Priya Sheth.
Multiplex operator Inox plans to invest up to Rs 320 crore to open 128 screens in the next 2-3 years while it continues to scout for acquisitions, especially for regional players, to expand footprint across India.
Revolutionarizes customer engagement at key touch points
As per the deal, Ruias-promoted Essar Steel will transfer its gas plant located at Hazira, Gujarat to Inox on a slump sale basis.
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