Film and Entertainment stocks rally after govt permits more occupancy in theaters

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Biznextindia : The benchmark indices opened  lower on Thursday amid weak global cues. While the BSE Sensex opened lower 47031.94 points, down 377.99 points, the NSE Nifty was down 113 points at 13854.40 points.

At 10 am, Sensex extended the losses by 339.79 points or 0.74% to 47070.14 points and Nifty down by 101.20 points to 13866.30 points.

Despite the fall in the indices, Media and Entertainment stocks have continued their rally after yesterday’s announcement on allowing more viewers in the theatres.

PVR Limited up by 21.50 or 1.45% to Rs. 1499.85 and Inox Leisure up by 9.70 or 3.11% to Rs.321.85 on the NSE. Saregama India stocks also increased by Rs.17.45 (1.86%) to Rs. 957.70 while, Balaji Telefilms up by 0.99% to Rs.61.25 and  shares of UFO Movies up 2.16% to Rs.85.25 on the NSE.

Amid declining cases throughout the country, the Ministry of Home Affairs in its COVID-19 guidelines for the month of February has lifted the 50% occupancy cap in movie theatres. Film exhibitors and Cinema hall owners have welcomed the move by the central government.

The decision by the government will also encourage film producers to release their films on the big screen. Several big ticket movies have been waiting for the opening of the theatres in full capacity to release.

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