PVR, Inox Leisure shares rally on strong box office collections for Brahmastra

Shares of multiplex operators PVR and Inox surged over 5 per cent in Monday’s trade after Brahmastra posted a higher-than-expected box office collection over the weekend.

Global box office receipts for Brahmastra are believed to have reached $26.50 million (Rs 211 crore), of which $18 million came from India, $4.50 million from North America and $4 million from the rest of the world.

At 9.56 am, shares of PVR were trading at Rs 1,916.60, up 4.50 per cent while shares of Inox Leisure were trading at Rs 518, up 4.77 per cent.

Ahead of the release of the movie, starring Ranbir Kapoor and Alia Bhatt, both the stocks had rallied up to 4 per cent in a week.

Apart from this, multiplex operator PVR has convened a meeting of its shareholders as well as creditors on October 11 to seek their approval for the scheme of merger with Inox Leisure, pursuant to the order of the National Company Law Tribunal's Mumbai Bench.

In March this year, PVR and Inox Leisure informed of the merger for setting up the country’s largest multiplex chain.

As per Trendlyne data, out of 26 analyst recommendations on PVR stock, 20 have a strong buy, two have a buy rating, two have hold and another two have a strong sell rating.

In the case of Inox, out of 18 analysts covering the stock, 13 have a strong buy rating on the stock.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)