Stocks of leading multiplex chains moved up in trade on Thursday, a day after Multiplex Association of India submitted an enhanced safety and precautions plan for reopening cinema halls to the Information & Broadcasting Ministry and various state governments. In fact, multiplex stocks have been edging higher for three straight sessions, since the fourth leg of coronavirus-induced nationwide lockdown was implemented, with considerable relaxations. However, the government is yet to allow the opening up of multiplexes or shopping malls.
In afternoon trading, PVR Ltd. stock was up more than 2 per cent, at Rs 875.35 apiece. The stock has gone up 18.33 per cent, since the closing on May 18, the last day of the third phase of lockdown.
Another major player in the industry, Inox Leisure Ltd's stock was priced at Rs 211.75 apiece, up 7.71 per cent. The stock has gone up by 27.49 per cent from May 18 closing of Rs 165.50.
Meanwhile, on Wednesday, the Multiplex Association of India submitted a revised plan on safety measures to the government. The revamped plan includes measures related to sanitisation of multiplex premises, social distancing norms within the auditorium, guidelines for the employees and a review plan after two months.
Industry experts tweeted about the plan on Wednesday, referring to the development as an important one.
#BreakingNews... Multiplex Association of India submits enhanced safety and precautions plan for cinemas to Information & Broadcasting Ministry and various state governments... VERY IMPORTANT DEVELOPMENT... pic.twitter.com/Ssof6kZcIk— taran adarsh (@taran_adarsh) May 20, 2020
The fourth phase of lockdown ends on May 31, following which further easing in the norms are expected.