Saregama India adds 44% in two days after Facebook deal

Saregama India hit an upper circuit of 20% at Rs 400.70, extending gains for the second day.

The stock has added 44% in two sessions from its closing of Rs 278.30 on 2 June 2020.

During market hours yesterday, Saregama India announced a global deal with Facebook, to license its music for video and other social experiences across Facebook & Instagram.

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.

Commenting on the partnership Vikram Mehra, managing director of Saregama India said "We are pleased with this partnership as now millions of Facebook users will be able to add music from our vast catalogue to stories and videos they create and share."

Saregama, India's oldest music label owned by RPSanjiv Goenka Group, posses the largest music archives in the country, one of the biggest in the world. The company has also has expanded into other branches of entertainment - publishing, film production and digital content.

The company will announce its fourth quarter earnings on Friday (5 June).

Saregama India's consolidated net profit fell 23 % to Rs 10.17 crore on a 17.6% decline in net sales to Rs 129.45 crore in Q3 December 2019 over Q3 December 2018.

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