India's PVR INOX climbs on lower GST rates on food in movie halls

PVR INOX

12/07/2023 05:32

** Shares of film exhibitor PVR INOX Ltd  PVRL.NS  rise as
much as 3.3% to 1,473 rupees, highest since June 16
    ** India's Goods and Services Tax (GST) Council on Tuesday
decided to cut tax on food and beverages at cinema halls to 5%
from 18%
    ** This will save time and effort for the cinema exhibitors
in fighting litigations however in terms of financials and
estimates there is zero impact - Karan Taurani, analyst at Elara
Securities
    ** Stock on track for third straight session of gains
    ** Trading volume at ~744,850 shares, 1.2x the 30-day avg of
~606,457 shares as of 9:40 a.m. IST 
    ** Average rating of 24 analysts covering stock equivalent
to 'buy'; median PT is 1,950 rupees - Refinitiv data
    ** Stock last down ~16% YTD


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))