Music Rights Deal Props Mukta

The stock price of Mukta Arts rose nearly 9 per cent today on news of the company having signed an agreement with Universal Music India for the sale of the music rights of its film Badhai Ho Badhai. The total value of the deal was Rs 2.50 crore.

The scrip price closed at Rs 86.70. The scrip, which opened at Rs 81.10, rose to a high of Rs 88.70. Total volumes in the scrip stood at 8.45 lakh shares on the Bombay Stock Exchange.

The scrip has increased by nearly 68 per cent from September last year when it fell to a low of Rs 51.60. The new movie was slated to be released in November 2001 but has now been postponed to May 2002.

Mukta Arts, promoted by filmmaker Subhash Ghai, has scaled down its dependence for revenues on just movie making and diversified into archiving of films including library facilities and equipment hiring out business. It has also identified television software production as another business area but has yet to make a foray.