PVR, INOX shares fall after Delhi issues yellow alert amid another covid scare
Delhi Chief Minister Arvind Kejriwal blazoned restrictions in the capital megacity publicizing immediate check of cinema halls, multiplexes
Shares of movie theater chains PVR Limited and INOX Leisure Limited fell Tuesday autumn after the Delhi government issued a unheroic alert closing down cinema halls with immediate effect. PVR shares tumbled4.8 to Rs a share while Inox fell about2.6 to Rs342.40 per share. Delhi Chief Minister Arvind Kejriwal declared restrictions in the capital megacity, publicizing immediate check of cinema halls, multiplexes, feed halls, amphitheaters, gymnasiums and sports complexes.
Gurugram-headquartered PVR’s stock price rebounded from intraday lows after 244 pm and closed the day at Rs all, falling3.58 during the day’s trade. INOX also made a recovery and closed flat with a positive bias at Rs352.40 per share. Multiplex shares have seen a unpredictable time on Dalal Street. While PVR has dropped 4 time-to- date, shares of INOX are over 22. Multiplex business has taken a hit with renewed swells of Covid-19.
In the September quarter, PVR’s losses narrowed toRs.148.34 crore and profit jumped toRs.107.75 crores as playhouses began opening up and the frugality began to recover. Inox profit also rose toRs.47.44 crore and the theater chain’s losses widened toRs.87.61 crores. Brokerage establishment Edelweiss has given a steal standing to PVR at a price target ofRs. per unit.
The capital megacity has entered a mini lockdown taking into account the spread of omicron variant with positivity rate peaking above0.5 for the once many days.