Mukta Arts is in the limelight today, opening at Rs.92.30 and shooting up to new 52-week high at Rs.102.15, locked 20% upper circuit.

The company announced after market hours that its Board of Directors will be meeting on September 29, 2016 to consider and approve the transfer of entire business of Cinema division as a going concern to its newly formed wholly owned subsidiary i.e., Mukta A2 Cinemas.

This will be via a slump sale through a Business Transfer Agreement to be entered into between the Company and its subsidiary.

The market is obviously happy because this will bring in money into Mukta Arts though no financial disclosure has been made yet.