Media stocks witnessed huge bullish sentiment on Thursday after the Maharashtra government announced re-opening of cinema halls, drama theatres and multiplexes outside the containment zones. At around 11.28 am, the Nifty Media traded at 1,460.55 above 3.18%. The index has surged to the day's high of 1,464.80.
On the index, the top performers were - SunTV and
PVR surging by 5% each. Zee Entertainment and
Inox Leisure soaring by 2-4%.
DishTV, TV Today and
TV18 Broadcast jumped by nearly 1% each. Hathway Cables soared marginally.
The Uddhav Thackeray-led state government has now allowed cinema halls, drama theatres and multiplexes to reopen from November 05 (Thursday). However, the latest move is only allowed outside containment zones.
As per the state government's guidelines, the cinema halls, multiplexes and drama theatres will only operate with 50% seating capacity in areas outside containment zones. Also, no eatables will be allowed inside.
Inox Leisure has informed exchanges on Wednesday, about the development in Maharashtra. It said, the company begun the process to re-open the units located in the following states according to the notification issued by the respective states: Punjab, Tamil Nadu and Maharashtra.
"We shall re-open the units in other states where the Company operates as and when any notification is issued by the respective authorities in this regard," Inox Leisure added.