Saregama India share the price had locked in around 20 percent upper circuit at of Rs 400.70 apiece on Thursday after the music and entertainment company that announced a global deal with social media giant Facebook. Saregama will license of its music for video and also other social experiences across the Facebook and Instagram. Saregama India shares have surged over 45 percent since Monday’s close of Rs 275.25 per share. However, the stock has rallied over 116 percent from its March low of Rs 185. The stock opened at around Rs 368 and quoted day’s high of 400.70 and low of Rs 355 in the session far. On with this partnership, “millions of Facebook users will be able to add music from our vast catalog to stories and videos they create and share,” as told by Vikram Mehra the Managing Director of Saregama India.
Despite this, around 45 percent rally in just 4 days in the stock, Saregama India is still sitting literally 45 percent below its 52-week high. Under the new partnership, users will also be able to add music to videos, stories through music stickers, and other creative content as well. The company told 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. Clearly known as The Gramophone Company of India Limited, 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 favorite retro Indian music to further enrich their content on our platforms,” Manish Chopra added. With today’s rally in the stock, the market capitalization of Saregama India stands at Rs 698.26 crore.
Saregama India informed that the board of directors of movies and entertainment company is scheduled to meet on Friday, 5th June, 2020 in a separate statement to BSE, to consider and allow audited financial results of the company for the quarter and also year ended 31st March, 2020. It will consider the recommendation of dividend for the financial year 2019-2020 as well.