Saregama India hits the roof following block deal
Saregama India surged 10% to Rs 197.25, following a huge block deal in opening trade.
A block deal of 10.57 lakh shares at Rs 181 per share was struck on the counter on BSE in opening trades. This deal constituted 7.21% equity stake of the company.The counter clocked total volumes of 11.01 lakh shares on BSE, with pending buy order of 44394 shares at maximum limit.The scrip witnessed a steady decline from Rs 199 on 10 October 2006 to Rs 179.35 by 02 November 2006, on sustained selling pressure.
Saregama has been talking to leading cellphone operators such as Airtel and Hutch for offering musical tracks, which could be used as ring-tones, ring-back tones, background music and SMSes. It is also in similar discussions with cellphone manufacturers such as Nokia and Motorola.
Saregama, popular for its HMV brand, has more than 3 lakh musical tracks, of which, 1.70 lakh have already been digitised. It has musical tracks in as many as 23 languages and in every genre of music with regional and national relevance.Saregama holds the home video distribution rights of five leading Hollywood producers, including Warner Brothers.
Saregama India reported 15.90% growth in Q2 September 2006 net profit to Rs 3.21 crore compared to Rs 2.77 crore in Q2 September 2005. Net sales during the period rose 23.40%, to Rs 34.03 crore (Rs 27.57 crore).
The company had acquired 50,000 equity shares of Rs 10 each in Kolkata Metro Networks (KMNL) for a consideration of Rs 0.50 million in October 2006, whereby KMNL has become a wholly-owned subsidiary of the company.
A block deal of 10.57 lakh shares at Rs 181 per share was struck on the counter on BSE in opening trades. This deal constituted 7.21% equity stake of the company.The counter clocked total volumes of 11.01 lakh shares on BSE, with pending buy order of 44394 shares at maximum limit.The scrip witnessed a steady decline from Rs 199 on 10 October 2006 to Rs 179.35 by 02 November 2006, on sustained selling pressure.
Saregama has been talking to leading cellphone operators such as Airtel and Hutch for offering musical tracks, which could be used as ring-tones, ring-back tones, background music and SMSes. It is also in similar discussions with cellphone manufacturers such as Nokia and Motorola.
Saregama, popular for its HMV brand, has more than 3 lakh musical tracks, of which, 1.70 lakh have already been digitised. It has musical tracks in as many as 23 languages and in every genre of music with regional and national relevance.Saregama holds the home video distribution rights of five leading Hollywood producers, including Warner Brothers.
Saregama India reported 15.90% growth in Q2 September 2006 net profit to Rs 3.21 crore compared to Rs 2.77 crore in Q2 September 2005. Net sales during the period rose 23.40%, to Rs 34.03 crore (Rs 27.57 crore).
The company had acquired 50,000 equity shares of Rs 10 each in Kolkata Metro Networks (KMNL) for a consideration of Rs 0.50 million in October 2006, whereby KMNL has become a wholly-owned subsidiary of the company.
posted by SY at 4:23 PM
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