Saregama India shares zoom 44% in 2 days on Facebook deal

Shares of Saregama India were locked in upper circuit for the second straight day, up 20 per cent at Rs 401 on the BSE on Thursday after the company announced a global deal with Facebook to license its music for video and other social experiences across Facebook & Instagram.

The stock of the movies & entertainment firm has zoomed 44 per cent in the past two trading days from Rs 278 on Tuesday. Till 10:00 am, a combined 446,000 equity shares had changed hands and there were pending buy orders for 160,000 shares on the NSE and BSE.

“This partnership will allow users to choose from a wide variety of music to add to their social experiences such as videos, stories via music stickers and other creative content. People will also be able to add songs to their Facebook Profile,” Saregama said in a press release.

Formerly known as 'The Gramophone Company of India Ltd', Saregama owns the largest music archives in India, one of the biggest in the world. The ownership of nearly 50 per cent of all the music ever recorded in India also makes Saregama the most authoritative repository of the country’s musical heritage.

Meanwhile, the board of directors of Saregama India 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 and recommendation of dividend, if any.