Saregama India shares have surged over 45 per cent since Monday's close of Rs 275.25 per share. The stock price has rallied over 116 per cent from its March low of Rs 185
Saregama India share price was locked in a 20 per cent upper circuit at Rs 400.70 apiece on Thursday after the music and entertainment company announced a global deal with social media giant Facebook. Saregama will license its music for video and other social experiences across Facebook and Instagram. Saregama India shares have surged over 45 per cent since Monday’s close of Rs 275.25 per share. However, the stock has rallied over 116 per cent from its March low of Rs 185. The stock opened at Rs 368 and quoted day’s high of 400.70 and low of Rs 355 in the session so far. With this partnership, “millions of Facebook users will be able to add music from our vast catalogue to stories and videos they create and share,” said Vikram Mehra, Managing Director of Saregama India.
Despite this 45 per cent rally in just four days in the stock, Saregama India is still sitting nearly 45 per cent below its 52-week high. Under this new partnership, users will be able to add music to videos, stories via music stickers and other creative content. The company said that people will also be able to add songs to their Facebook Profile. “At Facebook, we believe music is an integral part of self-expression and bringing people closer together and creating memories that last,” Manish Chopra, Director and Head of Partnerships, Facebook India, said.
Formerly known as The Gramophone Company of India Ltd, Saregama owns the largest music archives in India. “We are very proud to partner with Saregama that will allow people on our platforms, globally, to use their favourite retro Indian music to further enrich their content on our platforms,” Manish Chopra added. With today’s rally in the stock, the market capitalisation of Saregama India stands at Rs 698.26 crore.
In a separate statement to BSE, Saregama India informed that the board of directors of movies and entertainment company is scheduled to meet on Friday, June 5, 2020, to consider and approve audited financial results of the company for the quarter and financial year ended March 31, 2020. It will also consider the recommendation of dividend for the financial year 2019-20, if any.