PVR and INOX shares fall after Delhi issues yellow alert

PVR and INOX- The hares of the PVR Limited and INOX Leisure Limited movie chains fell on Tuesday afternoon after the Delhi government issued a yellow alert shutting movie theaters with immediate effect. Shares of PVR fell 4.8% to Rs 1,270 per share while Inox fell about 2.6% to Rs 342.40 per share.

Delhi Chief Minister Arvind Kejriwal declared restrictions in the capital, announcing the immediate closure of movie theaters, multiplexes, banquet halls, auditoriums, gymnasiums and sports complexes.

The share price of Gurugram-headquartered PVR rebounded from intraday lows after 2:44 p.m. and closed the day at Rs 1,286 apiece, falling 3.58% during the day. INOX also recovered and closed flat with a positive bias at Rs 352.40 per share. Multiplex stocks had a volatile year on Dalal Street.

While PVR has fallen 4% year-to-date, INOX shares have risen 22%. The multiplex business has been affected by new waves of Covid-19- PVR and INOX shares.

During the September quarter, PVR’s losses narrowed to Rs. 148.34 crore and revenue surged to Rs. 107.75 crore as theaters started to open and the economy started. to straighten up.

Stainless steel revenue also reached Rs. 47.44 crore and the movie chain’s losses widened to Rs. 87.61 crore. Brokerage firm Edelweiss gave PVR a buy rating at a target price of Rs. 1,324 per unit.

The capital has entered a mini lockdown taking into account the spread of the omicron variant with a positivity rate peaking above 0.5% in the past few days.

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