Saregama India jumped 4.72% to Rs 548 after the company said it struck a global licensing deal with ShareChat and Moj.
The deal will allow ShareChat users to create new content and add to their social experience on the ShareChat and Moj platforms. Saregama will license its catalogue to both platforms allowing for the large community of ShareChat and Moj members to create their own short video content using the Saregama library. The music library offers thousands of songs in diverse Indian languages.Saregama is India's oldest music label and holds the richest catalogue spanning across genres like film/non- film songs, devotional music, ghazals & indipop in more than 18 languages.
ShareChat is the largest Indian language social media platform that allows users to share their views, record their lives and make new friends. Moj, built by ShareChat, provides a platform for short video content.
Shares of Saregama extended its winning streak to fourth consecutive trading session. The counter has gained 9% in last four trading days. The stock has jumped 196% from its 52-week low of Rs 185 hit on 31 March 2020. The stock hit a 52-week high of Rs 579.95 on 27 August 2020.
Saregama posted a consolidated net profit of Rs 15.76 crore in Q1 June 2020 as against a consolidated net loss of Rs 1.24 crore in Q1 June 2019. Net sales declined 39% to Rs 76.49 crore in Q1 June 2020 over Q1 June 2019.
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