Race 3 box office collection: Salman Khan starrer boosts PVR, Inox Leisure, Eros share prices by up to 5%
Race 3 box office collection: Superstar Salman Khan starrer Race 3 is all set to witness a blockbuster release today. The magic of Salman Khan combined with Eid holiday is expected to add to the footfalls in cinemas right across this weekend.
Race 3 box office collection: It is nothing short of a Salman Khan impact at its best! Expectations from movie are so high that PVR, Inox Leisure and Eros International share prices have soared up to 5 per cent on Friday. Superstar Salman Khan starrer Race 3 is all set to witness a blockbuster release today. The magic of Salman Khan combined with Eid holiday is expected to add to the footfalls in cinemas right across this weekend.
On expectations of higher earnings in the June quarter, investors latched on to multiplex stocks. PVR gained as much as 2.7 per cent to Rs 1,463, Inox Wind rallied 4.98 per cent to Rs 86.40, while Eros International added 4.71 per cent to Rs 135.50 on the BSE.
Brokerage IIFL has a positive outlook for multiplexes. The brokerage initiated coverage on PVR (BUY, TP of Rs 1,700) and Inox Wind (BUY, TP of Rs 367).
"We believe that India’s multiplex sector is all set to leverage the momentum in non-ticketing revenue and drive growth in earnings and improvement in RoE. India’s demographics and low penetration of screens provide a huge growth opportunity for multiplex players. The top-3 players – PVRL, INOL and Carnival cinemas (combined market share of 57 per cent) are targeting to cross 1,000 screens each versus industry size of 2,750 multiplex screens as of end-2017," said IIFL in a research report dated May 31, 2018.
"PVR and Inox Wind have demonstrated strong capability to drive growth in non-ticketing revenue despite poor content in FY17/18. With an improved outlook for movies for FY19, we forecast the momentum in non-ticketing revenue to sustain. We forecast this to drive improvement in RoE – PVR to 15.9 per cent in FY20E from 12.4 per cent in FY18 and Inox Wind to 15.6 per cent in FY20E from 11.4 per cent in FY18," the report added.
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Meanwhile, Race 3 box office collection is set to ink a massive opening day of over Rs 30 crore. Time and again Salman Khan has celebrated Eid success and this time is set to be the same. What helps is the fact that there are no rival films in cinemas to divide the movie-going public.
In fact, Salman Khan may power Race collection on day 1 as high as Rs 35 crore!
Race 3 also stars Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Sonakshi Sinha , Daisy Shah and Vicky Kaushal.