Small-cap stock engaged in the business of development and operations of global-scale themed leisure & entertainment destinations jumped 5 percent in the day’s trade upon receiving LOA to setup a new entertainment hub with an investment of Rs. 130 Crores.
With a market capitalization of Rs. 3,965 Crores, the shares of Imagicaaworld Entertainment Limited were trading at Rs. 82.29, up 2.26 percent from its previous day’s close price of Rs. 80.47.
Imagicaaworld Entertainment Limited has received a Letter of Allotment (LOA) from Sabarmati Riverfront Development Corporation Limited pursuant to its bid to set up an entertainment hub at the Sabarmati Riverfront in Ahmedabad.
The Entertainment hub will have a mix of indoor and outdoor attractions apart from food & beverage offerings and it will be built over an area measuring ~11 acres with an investment of Rs. 130 Crores.
The proposed project is offered for a 30-year lease, which can be extended in the future and it is in discussions with international brands to collaborate for various attractions in the proposed project.
Imagicaaworld Entertainment Limited is engaged in the business of development and operations of global-scale themed leisure & entertainment destinations like water parks, theme parks, resorts, leisure stays, and associated services.
Its revenue from operations grew by 248 percent from Rs. 72 Crores in FY22 to Rs. 251 Crores in FY23, accompanied by a loss of Rs. 244 Crores to a profit of Rs. 357 Crores.
Written by: Bharath K.S
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
