Nifty Media index surges 2%; Inox Leisure, PVR hit a new 52-week high after Maha govt allows reopening of theatres next month

On the index, 5 scrips advanced and 5 scrips had declined. However, Inox Leisure and PVR led the bull charge with a sharp rally in stock price.

Sep 27, 2021 01:09 IST India Infoline News Service

Market Going Up
Media stocks spiked on Monday after the Maharashtra government allowed the reopening of cinema halls and auditoriums from the next month. The Nifty Media index was near the record high and was trading just a little shy of the 2,200-mark. On the index, 5 scrips advanced and 5 scrips had declined. However, Inox Leisure and PVR led the bull charge with a sharp rally in stock price.

At around 1.29 pm, the Nifty Media is trading at 2,195 higher by 41.75 points or 1.94%. The index had touched an intraday high and low of 2,198.85 and 2,140.40 respectively.

Inox Leisure was the top gainer surging by 9.41%. The stock has hit a new 52-week high of Rs413.90 per piece.

Further, PVR advanced nearly 7%. The stock has touched a new 52-week high of Rs1,661.95 per piece earlier today.

DB Corp soared nearly 6% followed by Zee Entertainment climbing more than 1%. Jagran Prakashan zoomed 0.9%.

On the contrary, DishTV plunged 1.6% followed by TV Today, SunTV and TV18 Broadcast diving more than 1% each. Network18 was trading flat but in red.

The media and entertainment companies have witnessed a revival as the Maharashtra government approved the opening of theatres in the state from next month.

The Maharashtra Chief Minister's Office through its Twitter account announced the development. Theatres and auditoriums can commence operations after October 22, 2021, in the state, however, while observing all Covid safety protocols. The CMO also announced that the SOP is in progress and will be declared soon.

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