MNC buyout buzz lifts Crest Animation 30% in 2 days

Shares of Crest Animation have surged over 30% in the past two days, with volumes topping over three times its two-week average. The stock closed at 43.20, up 9% from its previous close.

Brokers say there is speculation that the company is likely to be acquired by a multinational media firm that bought out its local joint venture partner recently.

However, a section of the market rubbished these claims and said it was a ploy by operators to rig up the stock price. When contacted, a company spokesperson neither confirmed nor denied the speculation.