Inox Leisure expands presence in Punjab, stock zooms

India’s one of the largest multiplex operators, INOX Leisure, announced on Friday that it has further expanded its presence to Punjab province.

The company made an announcement on stock exchange that it has commenced the commercial operations of a multiplex cinema theatre which is being taken on leave and license basis, located at Reliance Mall, Chotti Baradari Part-2, in Jalandhar of the Punjab state, with effect from September 06, 2019.

The new multiplex cinema theatre has 3 screens and total capacity of 862 seats. With this new property, the company will be present in 68 cities with 144 multiplexes, 598 screens and a total seating capacity of 140,244 seats spread across India.

Recently, IMAX Corporation and INOX Leisure have entered into an agreement to open two new IMAX theatres to India, expanding their partnership to twelve open or planned theatres nationwide.

Inox Leisure is engaged in operating multiplex operating and maintenance. The company has set a target of adding 80 screens in fiscal year 2019-20. The first quarter of FY20, company has already added 21 screens.

The shares of Inox Leisure touched an intra-day high of Rs. 283.75. At 12.25AM, the stock traded at Rs. 279.30 with gains of nearly 3 per cent on BSE.