Crest Animation hits a high on Canadian deal

DALAL STREET SPIKES

Crest Animation ended firm after the firm announced that its US arm, RichCrest Animation has entered into an agreement to co-produce and co-finance three animated films with Canada-based Lions Gate Entertainment.

The stock in the morning trade hit a high of Rs 254, before closing at Rs 244.10, up 8.4 per cent from its previous close.

"Thursday's gain in Crest counter was more of a sentimental play. Its not yet clear how much the company will shell out for these films and how big is the theaterical market for such animated films," said a sector analyst with a domestic broking firm. Over 1.8 lakh shares changed hands at the counter on BSE on Thursday.