Vakrangee Limited shares rally 10% collaboration with Max TV for OTT services
Upstox
2 min read • Updated: April 12, 2024, 3:06 PM
Summary
Vakrangee Limited announced that it has signed a deal with Max TV for offering subscription-based OTT plans through its exclusive branded format outlet, Vakrangee Kendra, network.
Vakrangee Limited shares surged more than 10% on Friday, April 12, after the company announced entering into a partnership with Global One Enterprises Pvt Ltd owned Max TV to provide subscription-based OTT plans through its Vakrangee Kendra networks.
In a filing to the stock exchanges, the Vakrangee Limited said that it has entered an agreement with Global One Enterprises Pvt Ltd (Max TV) for offering Subscription based OTT Plans through Vakrangee Kendra networks.
After the announcement, Vakrangee Limited shares opened higher at ₹24.4 apiece on the NSE, and surged as much as 10.51% to hit an intraday high of ₹26.8 apiece. However, the stock trimmed early gains and traded at ₹25.05 apiece, up 3.3%, on the NSE at 2:15 pm.
Vakrangee Limited informed the stock exchanges that Max TV, a provider of IPTV/OTT services, has over 300 Indian FTA channels, 1,000 international channels and a library of curated content spanning web series, movies, music, live darshans, documentaries and more, totalling over 2,00,000 hours.
“They have arrangements with all the major OTT platforms of India, like SONY, Disney+Hotstar, ZEE5 and over 15 other popular OTT platforms like, Shemaroo, Hungama,” Vakrangee Limited said in the filing.
Vakrangee Kendras, according to the company, are exclusive branded format outlets, providing a range of products and services that includes banking, insurance, ATM, assisted e-commerce, e-governance and healthcare solutions.
“With 84% of Vakrangee Kendra outlets in Tier-4 to 6 locations, this association will enable Vakrangee to allow its customers to get access to OTT Services in the most remote parts of the country,” Vakrangee Limited said.
Founded in 1990, Vakrangee Limited is a Mumbai-based technology company. It offers a diverse range of services, including real-time banking and financial solutions, ATM facilities, insurance services, e-governance, e-commerce (including healthcare services) and logistics. Vakrangee serves customers across rural, semi-urban and urban markets.