Moneycontrol
you are here: HomeNewsBusiness
Dec 07, 2017 12:32 PM IST | Source: Moneycontrol.com

UFO Moviez jumps 3%; Citi initiates buy, raises target to Rs 610

The house is of the view that merger with Qube is likely to increase geographical strength and client base and feels that GST and demonetization impact with subdued content are temporary issues and provide buying opportunity in the stock.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of UFO Moviez jumped 3 percent intraday on Thursday after global research firm Citi initaited a buy call raising the target to Rs 610 from Rs 530 per share. It believes that consolidation is likely to enhance in-cinema ad opportunity adding that earnings delivery along with execution will be the key to stock performance.

The house is of the view that merger with Qube is likely to increase geographical strength and client base and feels that GST and demonetization impact with subdued content are temporary issues and provide buying opportunity in the stock.

Citi further added that the worst for UFO Moviez is behind them and expects better numbers in H2 FY18.

UFO Moviez on December 1, 2017 registered 46 percent fall in its Q2 net profit at Rs 10.2 crore against Rs 19 crore in the same quarter last year while its revenue was down 13 percent at Rs 139 crore versus Rs 160 crore.

Sanjay Gaikwad, Founder and Managing Director of UFO Moviez said, "Q2FY18 was one of our toughest quarters, advertisement revenues declined sharply on a high base of last year combined with slowdown in Government advertisement spends."

At 12:27 hrs UFO Moviez India was quoting at Rs 463.55, up Rs 12.45, or 2.76 percent. It has touched an intraday high of Rs 473.95 and an intraday low of Rs 462.05.
Sections
Follow us on
Available On