Tuesday, 29 November 2022

Inox and PVR rise on hope COVID restriction may ease in Mumbai

Inox and PVR rise on hope COVID restriction may ease in Mumbai

Shares of Inox Leisure and PVR inched higher on 11 January, after a Maharashtra COVID-19 task force member said that the surge in daily cases in the city was likely flattening, sparking hopes that restrictions may ease soon.

At Around 3 pm, shares of PVR were up 3.16 percent at Rs 1,478.90 each on the NSE, while Inox Leisure rose to 1.55 percent to Rs 370. The standard Nifty50 index was up 0.26% or 46.85 points at 18,050.15.

A member of the task force of COVID-19, Dr. Shashank Joshi, created by the Maharashtra government, said that the curve of covid cases in Mumbai was going flatten. He also hinted that the city could report around 11,000 to 12,000 cases today while the test positivity rate could come down 20 percent from 30 percent earlier.

Mumbai reported 13,648 cases on Monday, a sharp drop from the nearly 20,000 cases on Friday. The quick surge in cases last week prompted the local authorities to impose strict mobility restrictions to restrict the spread of the highly infectious variant.

Inox and PVR rise on hope COVID restriction may ease in Mumbai 1unsplash image

Read More: Government extends the limit GST annual filing deadline for FY21 to 28th February

Mumbai had banned the movement of individuals between 11:00 pm, and 5:00 am, while individuals were not allowed to move in groups of more than four between 5:00 am morning and 11:00 pm till night. The authority had restricted the capacity for theatres at half a percent that only for fully vaccinated or Double vaccinated citizens. Further, all malls and theatres were asked to close operations after 10:00 pm.

The restrictions came at a time when theatres had started to see an increase in footfalls helped by big-budget movies such as ‘Suryavanshi’ and ‘Spiderman: No Way Home’ Brokerage firm Edelweiss Securities expects Inox Leisure and PVR to report operating profits in the quarter ended December, first in seven quarters.

Experts suggested that the peaking of COVID-19 cases in the city is a positive sign for a multiplex entrepreneur as it could lead to withdrawal of restrictions earlier than expected. During the second wave, the local authorities gradually lifted restrictions to avoid another breakout of cases in the city.

“We expect multiplexes to resume for full-fledged operations once the wave 3 subsides, which subsidies be followed by quick revival of a pipeline as well as footfall as seen in Q2 FY22 and Q3 FY22,” Edelweiss Securities said in a recent note.

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