PVR INOX Stock Surges 2% Following Announcement of New 7-Screen Multiplex in Bengaluru

5 Jun 2023 , 12:16 PM

PVR INOX Ltd witnessed a gain of over 2 % in its share price on June 5 following the announcement of a new 7-screen multiplex launch in Bengaluru. This expansion has increased PVR INOX’s presence in South India to 530 screens across 95 properties.

The newly launched multiplex, located in Global Mall near Nayandahalli Metro Station, features a multisensory 4DX auditorium with 1189 seating capacity, including last-row recliners.

At the time of writing the news,  the stock was trading at Rs.1,434.70 on the NSE, representing a 2.49 % increase compared to the previous close. The trading volumes during that time were 622496 shares.

PVR’s Managing Director, Ajay Bijli, expressed enthusiasm about expanding their presence in Bengaluru, a thriving and diverse city. He highlighted their focus on accelerating screen rollout in key markets and exploring untapped territories as part of their merger synergies.

However, the merged entity of PVR-Inox reported disappointing financial results for the quarter that ended March 2023, with a loss of Rs.333 crore and revenue from operations at Rs.1,143 crore.

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