PVR, Inox Leisure gain 5-7% after Tamil Nadu cuts entertainment tax to 8%

Moneycontrol News

Shares of PVR and Inox Leisure gained 5-7 percent intraday on Friday as investors cheered cut in entertainment tax in Tamil Nadu.

According to a report on CNBC-TV18, the state of Tamil Nadu more than halved the entertainment tax to 8 percent from its existing 19 percent.

Producers’ body in the state had been protesting against the imposition of the said tax. Over and above the GST, customers were charged with 10 percent entertainment tax for Tamil films and 20 percent for films made in other languages, according to a media report.

At 15:08 hrs PVR was quoting at Rs 1,404.95, up Rs 54.60, or 4.04 percent, on the BSE. Meanwhile, INOX Leisure was quoting at Rs 242.15, up Rs 8.05, or 3.44 percent.