40% rally in one week. Why are Subhash Ghai-owned Mukta Arts shares skyrocketing?

Stock Market today: MUKTA ARTS LTD Share price gained more than 15% on Thursday. Mukta Arts share price has risen almost 40% in last five trading sessions

The Mukta Arts share price has been rising as Mukta Arts and Zee Entertainment have signed to a 6-Year Agreement for 37 Films.

As per the Mukta Arts release on the exchanges dated 24th September, 2024, Mukta Arts informed that Assignment Agreement and Term Sheet has been executed between the Company and Zee Entertainment Enterprises Limited (“Zee”) for Assignment of Satellite and Media Rights of 37 Films of the Company for a limited period of 6 years commencing from 25th August, 2027 for a total consideration of 25% more as compared to previous Agreement and as per the terms and conditions entered between the Company and Zee.

Mukta Arts also said that the Agreement is in the normal course of business and does not impact the management of the Company.

The Mukta Arts share price that opened at ₹104.00 on the BSE on Thursday , more than 7% higher than the previous close of ₹97.09 , however gained further. Mukta Arts share price hit intraday highs of ₹115.08, which also remains 1 year or 52 week high of Mukta arts share price.

The Mukta arts share price has been rising for last 5 sessions and is up almost 40%.

Mukta Arts' revenue from operations for the fiscal year that ended on March 31, 2024, was ₹209 crore.

In addition to creating TV and OTT content, it runs a chain of multiplexes called Mukta A2 Cinemas.

Zee Entertainment Enterprises share price too has been rising and is up 6-7% during last five trading sessions.

The company had recorded a Consolidated Total Income of ₹2149.52 Crore for the quarter that ended on June 30, 2024. This was an increase of 7.57% over the same quarter last year at ₹1998.26 Crore, but a decrease of 1.64% from the previous quarter's Total Income of ₹2185.29 Crore. In the quarter gone by, the company achieved net profit after tax of ₹118.01 crore. compared to a loss in the year ago quarter.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions