Financial Daily from THE HINDU group of publications
Friday, Oct 22, 2004
Crest Comm jumps on talk of launching animation serials
Mumbai , Oct. 21
RUMOURS of Crest Communication Ltd (CCL) being close to launching a couple of animation serials in the US, have been spurring interest in the counter. .
Market expectations are also high on hopes that the company would report better numbers this quarter.
The stock has appreciated by around 62 per cent from around Rs 48.75 levels as on August 2, 2004 to the current levels of around Rs 78 on the bourses.
According to brokers, a growing perception that the company's business is likely to scale up has infused an element of optimism in the stock. There is also talk that the company may be on the lookout for a strategic partner.
CCL has been building up its animation skills and with the acquisition of Rich Crest Animation, the company is recognised as a global player in the animation business. The company's order book is currently said to be around $9.5 million.
The company is engaged in providing special effects for Indian/Hollywood motion pictures, corporate profiles on inter-active CDs, making advertisements and corporate films, television serial films etc.
Analysts maintain that in the event of such an announcement, it would mean improved revenues for the company next year. Sources said that going forward, the company is also considering foraying into the DVD and Home Video Segment. "This would also result in better ," commented an analyst tracking the sector.
Senior company officials however, refused to comment on the market rumours.
CCL is likely to announce its quarterly numbers some time next week. "At this point all I would like to say is that the industry is looking good. As such we, are well positioned to capitalise on the available opportunities, particularly in the international market," officials said.
The stock ended the day at Rs 78.80, up 14.37 per cent, with around 13.54 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 78.05, up 12.55 per cent, with around 26.82 lakh shares traded.
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