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  5. Saregama India shares slump 4%; there is a 'Dharma' connection. Read on

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Saregama India shares slump 4%; there is a 'Dharma' connection. Read on

Upstox
By Upstox News Desk

2 min read | Updated on October 07, 2024, 10:46 IST

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SUMMARY

Shares of Saregama India are expected to trade actively on Monday, October 7, as according to a news report, the company is looking to acquire a majority stake in Dharma Productions. Dharma Productions is a film production and distribution company established by Yash Johar in 1979. It was taken over in 2004, after his death, by his son, Karan Johar.

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SAREGAMA
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Shares of Saregama India have rallied around 77% in the past 12 months

Shares of Saregama India have rallied around 77% in the past 12 months

Saregama India share price, Saregama India shares, buzzing stocks: Shares of Saregama India slipped as much as 3.89% to ₹585.20 apiece on the BSE on Monday, October 7, as according to a news report, the company is looking to acquire a majority stake in Dharma Productions. 

Dharma Productions is a film production and distribution company established by Yash Johar in 1979. It was taken over in 2004, after his death, by his son, Karan Johar.

According to a news report by Mint, the RP Sanjiv Goenka-owned music label Saregama India is in talks to acquire a majority stake in Karan Johar's Dharma Productions.

With the box office's volatily, reduced reliance on satellite and digital rights and rising star fees, it has been increasingly difficult for a production house like Dharma to operate dependently, the report added, citing sources. 

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Dharma Productions has been actively seeking investments for a while, engaging in with several large conglomerates and industrialists, the report added.

In September 2023, Saregama India bought a majority stake in the country’s leading digital entertainment company, Pocket Aces. 

Saregama acquired a 51.82% stake in Pocket Aces Pictures in a deal valued at ₹174 crore. Pocket Aces is primarily a youth-targeting digital content creator as well as publisher. Its portfolio comprises more than 3,000 content pieces spanning over web series, music videos, sketches, and reels on its Ips, such as FilterCopy, Nutshell, and Gobble, and releases more than 30 new content pieces on a daily basis. 

In August, Amansa Holdings bought 15.15 lakh shares, or 0.79%, in Saregama India for an average price of ₹480.

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The company reported consolidated net sales of ₹205.28 crore for the June 2024 quarter, up 25.68% from ₹163.34 crore in June 2023. Quarterly net profit came in at ₹36.92 crore, down 15.09% from ₹43.48 crore logged in June 2023, as per news reports. 

Saregama India stock performance

Shares of the company have rallied around 77% in the past 12 months and 1,614.53% over the past five years.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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