Mukta Arts shares hit upper circuit on subsidiary’s deal for Saudi markets

The share touched a 52-week high of Rs 90.39 and a 52-week low of Rs 41.62 on 12 October, 2023 and 28 March, 2023, respectively.

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Shares of Mukta Arts were locked in the 5 percent upper circuit in the opening trade on November 23 after Mukta A2 Multiplex WLL, a subsidiary company, in Bahrain entered into an agreement with Saudi Arabia-based Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia.

There were pending buy orders of 9,424 shares, with no sellers available.

The key focal points for expansion in Saudi Arabia lie in the tier-two and three cities, which are experiencing dynamic growth.

The company is not engaged in direct investment but has positioned itself through contractual agreements solely focused on providing management and operations services, Mukta Arts said.

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The company had posted 302 percent jump in its September quarter net profit at Rs 2.55 crore.

At 9:18am, Mukta Arts was quoting Rs 82.68, up Rs 3.93 on the BSE. The share touched a 52-week high of Rs 90.39 and a 52-week low of Rs 41.62 on 12 October 2023 and 28 March 2023, respectively.

The stock is trading 8.53 percent below its 52-week high and 98.65 percent above its 52-week low.