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BUZZ-India's UFO Moviez jumps on Qube Cinema deal
November 2, 2017 / 5:59 AM / 21 days ago

BUZZ-India's UFO Moviez jumps on Qube Cinema deal

** Shares of UFO Moviez India Ltd surge as much as 10.4 pct to 478.75 rupees, their biggest intraday pct gain since Jan. 23

** Company said on Wednesday it would merge with Qube Cinema Technologies Pvt Ltd

** Merger leads to significant increase in value proposition of UFO Moviez’s in-cinema advertisement business, Urmil Shah at IDBI Capital said

** UFO Moviez, a digital cinema distribution, will have over 98 pct market share post merger in terms of virtual print fee(VPF) revenue, the analyst added

** Stock remains on IDBI’s high conviction buy with a target price of 640 rupees

** Up to Wednesday’s close, stock had risen about 5 pct this year

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