Only buyers seen in Mukta Arts; know whats the plot for this upmove

The stock is up by 18 per cent on a WTD basis

The stock of Mukta Arts Limited had hit a 52-week high of Rs 54.15 as of November 09 and thereafter, entered into a corrective phase. The stock corrected nearly 26 per cent from its 52-week high and retraced almost 100 per cent of its prior upmove.   

The stock had formed a bullish engulfing pattern as on November 23 and thereafter, extended its upmove while on Thursday, the stock got locked at its upper circuit limit of Rs 51 on NSE.   

The stock is up by 18 per cent on a WTD basis while on an MTD basis, it is up by 9.80 per cent. So, let’s know the factors that influenced the stock and helped it in touching the upper circuit limit on Thursday.   

Here is the reason: Mukta A2 Cinemas Limited, a subsidiary of Mukta Arts Limited announces the launch of its new properties in Ahmedabad (Gujarat), Punjab and Odisha. Mukta A2 Cinemas opened today its four-screen property at Rajyash Rise in Ahmedabad.  

Also, after the resumption of cinema operations post lockdown, it opened two screens multiplex at Ropar (Punjab) on August 19, 2021, and three screens multiplex at Rayagada (Odisha) on October 28, 2021.   

With the addition of these above-mentioned nine screens, the screen count of Mukta A2 Cinemas goes up to 55 screens, apart from six in Bahrain and 14 screens under its JV with Asian Cinemas. So, now, the total screen count goes to 75 across the globe.