Indian multiplex shares surge as states set to unlock movie halls

Shares of India’s top cinema chain operators, PVR Ltd (PVRL.NS) and INOX Leisure (INOL.NS), 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 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 per cent 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.