INOX Leisure, PVR shares hit life-time high. Do you own?
Premium- INOX and PVR shares are rising as market is bullish on these stocks after SEBI's nod for merger, believe stock experts
Stock market today: Riding on the positive wave after SEBI's nod for PVR-INOX merger to create India's largest multiplex chain, PVR and INOPX shares today hit fresh high in early morning deals. PVR share price today opened upside and hit intraday high of ₹2,056 per share on NSE, beating its previous life-time high of ₹2,034.05 apiece levels. Similarly, INOX share price surged around 1.50 per cent and hit fresh life-time high of ₹573 apiece levels on NSE.
According to stock market experts, PVR and INOX shares are skyrocketing after the SEBI's nod for their merger paved way for creation of India's largest multiplex chain that will have a network of more than 1500 screens across India. The deal has been done in share swap mode where INOX will merge with PVR getting three PVR shares for 10 shares of INOX. Stock market experts said that one should buy PVR shares at current levels for near 25 to 30 per cent upside in next 6 months as unlock theme is also favouring movie and multiplex business. However, for small investors, they said that one can look at UFOP Moviez shares which is oscillating around ₹100 apiece levels and it is way below its 52-week high.
Speaking on the reason for continuous rise in PVR, INOX shares, Ravi Singhal, CEO at GCL Securities said, "After SEBI's nod for INOX PVR merger, the new multiplex chain coming out of the merger will have more than 80 per cent of the multiplex market share, which is almost near to monopoly. Market is highly bullish on PVR stocks as the multiplex stock is expected to leap frog in all time horizons."
"Unlock theme is also favouring PVR and INOX shares after this strong fundamental development post-SEBI nod for merger. In fact, the whole sector is in uptrend and those who can't afford ₹2000 PVR stocks, they can look at stocks of UFO Moviez India, which is trading below ₹100 and the stock is trading at a discounted price as its 52-week high is ₹138.70 apiece on NSE," said Avinash Gorakshkar, Head of Research at Profitmart Securities.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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