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INOX Leisure : Indian multiplex shares surge as states set to unlock movie halls

09/27/2021 | 06:36am EST
Cinema-goers wait to collect their tickets at a PVR Multiplex in Mumbai

BENGALURU (Reuters) - Shares of India's top cinema chain operators, PVR Ltd and INOX Leisure, on Monday surged past their highest levels from pre-lockdown days after the states of Maharashtra and Karnataka took steps to reopen movie halls.

Home to multi-billion dollar Bollywood, Maharashtra is planning https://twitter.com/CMOMaharashtra/status/1441698455932518400?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet to open theatres and auditoriums after Oct. 22, while the southern state of Karnataka decided to allow full occupancy from Oct. 1 in districts with less than 1% positivity rate.

The reopenings coincide with India's festive season next month, when the big-budget films of the year are usually released and movie halls are booked to full.

Ever since the restrictions began, India's nearly 10,000 movie screens have only been able to operate in fits and starts, hampering the entire movie business from production to ticket sales.

However, as the country's daily rise in COVID-19 infections eases to 26,041 cases from 80,000 in June and daily vaccination picks up pace, hopes of a revival in movie business have gained ground.

Big-budget releases, including Ranveer Singh's sports film "83", Akshay Kumar's cop movie "Sooryavanshi" and international films "Eternals", "Spider-Man: No Way Home" and "The Matrix Resurrections" are set to hit the screens in the last three months of the year.

"Diwali... has done very well for Indian cinema, and with easing restrictions, things are beginning to look up," said Shailesh Kapoor, founder and chief executive of media consulting firm Ormax Media Private Ltd.

For a graphic on Indian cinema operators' stocks recover as economy reopens from COVID restrictions:


PVR Ltd rose as much as 10% and INOX Leisure jumped 18.43% to their highest since early March last year, days before the country went into a lockdown.

"Investors in PVR and INOX are positioned for recovery, the future will now be driven by fundamentals," said Harendra Kumar, managing director, Elara Securities, in Mumbai.

Occupancy rates, ticket pricing and content pipeline would be key for shares to eke out new records, he said.

(Additional reporting by Soumyajit Saha in Bengaluru; Editing by Arun Koyyur)

By Vishwadha Chander and Chandini Monnappa

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INOX LEISURE LIMITED -2.10% 357.05 End-of-day quote.26.32%
PVR LIMITED 3.07% 1442.1 Delayed Quote.5.98%
11/05Bollywood stars return to India's big screens after more than a year
10/22INOX Leisure Limited Reports Earnings Results for the Second Quarter and Six Months End..
09/27Indian shares end flat as auto, energy offset tech losses; cinema chains surge
09/27Indian shares end flat as auto, energy offset tech losses; cinema chains surge
09/27INOX LEISURE : Indian multiplex shares surge as states set to unlock movie halls
09/27Indian shares flat as IT losses offset auto gains
09/19INOX LEISURE : Begins Commercial Operations at New Multiplex in Rajasthan, India
09/18INOX Leisure Limited Announces Commencement the Commercial Operations of Multiplex Cine..
08/29INOX LEISURE : Begins Commercial Operations at Multiplex Cinema in Rajasthan, India
08/28INOX Leisure Limited Commences the Commercial Operations of Multiplex Cinema Theatre
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Net income 2022 -2 720 M -36,2 M -36,2 M
Net Debt 2022 28 347 M 377 M 377 M
P/E ratio 2022 -15,5x
Yield 2022 0,25%
Capitalization 43 618 M 580 M 580 M
EV / Sales 2022 9,45x
EV / Sales 2023 3,27x
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