Saregama India is having quite a day! The stock, which had closed yesterday at Rs.278.30, opened higher at Rs.286.50 and then hit the 20% UC at Rs.333.95, where it currently remains frozen. Over 22k pending buy bids on the counter remain.
The market is ecstatic about its global deal with Facebook. This is to license its music for video and other social experiences across its eponymous service and Instagram. This comes closely on the heels of another deal it made last week with Spotify.
Facebook has made similar deals with other music labels in India, its biggest market by users count, including Yash Raj Films, Zee Music Company, and T-Series, one of the top YouTube channels worldwide.