PVR, Phoenix Mills, Jubilant Foodworks’ Stocks Fall As Maharashtra Levies Stricter Covid-19 Curbs

Shares of multiplex operators, mall owners to restaurant chains slumped after India’s finance hub imposed a night curfew and a weekend lockdown, among other curbs, to tackle a fresh surge in coronavirus cases.

Under the new guidelines, all types of cinema halls, multiplexes, malls will remain shut in Maharashtra until April 30, the Chief Minister’s Office said in a statement on Sunday. The weekend lockdown will start from Friday 8 p.m. and be in place till Monday 7 a.m. The government will also enforce a night curfew from 8 p.m. to 7 a.m. daily when only essential services will be allowed to function.

Shares of mall operators had declined even last month after the state made a negative RT-PCR test mandatory to enter into shopping malls.

Maharashtra reported more than 57,000 new Covid-19 cases as of Sunday evening. Mumbai alone reported 11,163 fresh infections, the highest since the onset of the pandemic in March 2020.

Stock Reactions

• PVR: The multiplex operator’s stock fell as much as 6.4% to a five-month low of Rs 1,158.1 apiece. Of the 31 analysts tracking the company, 20 have a ‘buy’ rating, seven suggest a ‘hold’ and four recommend a ‘sell’, according to Bloomberg data. The average of the 12-month consensus price target implies an upside of 39.3%.
• Inox Leisure: Shares fell as much as 8% to Rs 256.6 — the lowest since Oct. 30, 2020. The stock is down for the fifth straight session. 18 of the 22 analysts tracking the company have a ‘buy’ rating, while four recommend a ‘hold’. The 12-month return potential is 51.7%.
• Phoenix Mills: Shares fell as much as 3.4% to Rs 741.5 — the lowest in more than two months. The stock is down for the third straight session. All the 19 analysts tracking the counter suggest a ‘buy’. The average of the 12-month Bloomberg consensus price target implies an upside of 24.7%.
• Shoppers Stop: Shares fell as much as 4.4% to Rs 206.1 — the lowest in more than a month. Seven of the 13 analysts tracking the company have a ‘buy’ rating, four suggest a ‘hold’ and two recommend a ‘sell’. The 12-month Bloomberg consensus return potential is 13.1%.
• Jubilant Foodworks: Shares fell as much as 2.6% to Rs 2,874.5 apiece. Of the 31 analysts covering the stock, 22 have a ‘buy’ rating, six recommend a ‘hold’ and three suggest a ‘sell’ rating. The average of 12-month Bloomberg consensus price target implies an upside of 1.3%.
• Speciality Restaurants: The stock fell as much as 3.8% to Rs 36.75 apiece — the lowest since November 2020.