Subhash Ghai’s Mukta Arts shares surge 20% on buzz Foxconn may pick up stake

Monday, 10 August,Mumbai: Stock of Mukta Arts soared 20% on Monday following reports that the world’s largest contract manufacturer of electronic gadgets Foxconn Technology may pick up stake either in the firm or one of its arms.

The stock zoomed 20% to Rs 41.10 — its highest trading permissible limit for the day — on the BSE.

On the NSE, shares of the company jumped 20% to Rs 41.25.

Foxconn Technology may pick up a stake either in listed Mukta Arts or one of its arms, as the Taiwanese firm seeks to branch out beyond its established forte of hardware products.

Foxconn tied up with Mukta Arts’ subsidiary Whistling Woods International (WWI) over the weekend for co-creation of content which can be used across media platforms.

Mukta Arts-promoter and filmmaker Subhash Ghai told PTI that there are many possibilities for the tie-up, and Foxconn may look at taking stakes in either Mukta Arts or WWI, which is engaged in teaching film making.

“We are still formulating where and how it is coming … we wouldn’t like to speculate into which company it is coming in,” WWI vice president for business development Chaitanya Chinchlikar said.

Meanwhile, the company in a filing to the BSE on Monday said, “Whistling Woods International, a subsidiary of Mukta Arts has signed an agreement with Foxconn Technology Group on Saturday in presence of the Hon ble Chief Minister of Maharashtra for setting up a Media Lab at Whistling Woods wherein Foxconn Technology Group will supply the equipment to Whistling Woods Institute at Goregaon.”

The agreement also confirms that Foxconn and Whistling Woods International shall be working together to create high quality content hub at Whistling Woods in Film City, Mumbai.

It was further discussed by both parties that content may be produced jointly by Mukta Arts and Foxconn by using the talent coming out of Whistling Woods Institute.

However, the talks are at preliminary stage and no details for the same are finalised so far, the filing added.