PVR, Inox Leisure share prices increase by 12 percent after govt permits reopening of cinema halls from 15 October

The share prices of PVR and Inox Leisure increased by 12 percent after the Union Home Ministry permitted the opening up of cinema halls outside the containment zones from 15 October, reports Moneycontrol. Cinema halls across the country had been shut after a lockdown was imposed from 25 March due to the coronavirus pandemic. Earlier in the day, the ministry said activities permitted from 15 October include cinemas, theatres, and multiplexes that can open with up to 50 percent of their seating capacity, for which the SOP will be issued by the Ministry of Information and Broadcasting. Multiplex Association of India (MAI) “wholeheartedly” welcomed the guidelines. In a statement, the MAI said the home ministry’s decision was awaited by “millions of movie lovers, employees of the cinema exhibition sector, along with the entire film industry.” “We would like to extend our heartfelt gratitude to the Ministry of Home Affairs and the Ministry of Information and Broadcasting for their support and guidance.” “We are committed to ensure a safe, secure and hygienic cinema-going experience for the movie lovers of our country, as always, we would continue to assign top-most priority to the health and well-being of our guests and employees,” the association said. Check out this tweet

REOPENING OF CINEMAS... Multiplex Association of #India issues OFFICIAL STATEMENT... pic.twitter.com/J38h3Zojfb

— taran adarsh (@taran_adarsh) September 30, 2020

The MAI also requested “urgent permission” from the state governments to reopen cinemas in their states, saying it would help in ensuring that the cinema exhibition sector is able to “quickly recover from the dire economic and financial impact of the epidemic.” “We look forward to welcoming back moviegoers to a safe and an amazing brand new experience at our cinemas,” the statement added. The coronavirus-induced country-wide lockdown was first announced by Prime Minister Narendra Modi from 25 March and it was extended in phases till 31 May. The Unlock process in the country had begun on 1 June with the graded reopening of commercial, social, religious, and other activities. India’s coronavirus tally has mounted to 62,25,763 on Wednesday, while the death toll climbed to 97,497. The number of people recuperating from the disease has surged to 51,87,825. There are 9,40,441 active cases of the infection in the country which comprises 15.11 percent of the total caseload. (With inputs from Press Trust of India)