Saregama India plans to invest ₹700 crore in new music content over the next two years, targeting a 25-30% share of incremental music content. The music segment contributes around 60% of the company’s business.
Last month, the Mumbai-based company raised ₹120 crore in pre-IPO placement, issuing 2.84 million equity shares at ₹423 each, which included a ₹413 premium per share.
The order won by SEPC is to be completed in 24 months. The order value is nearly 20% of the company’s overall market capitalisation of over ₹2,500 crore.
The brokerage flagged concerns over the company’s growth outlook, saying that the launch of JKY Groove marks a shift away from its core basics segment with limited potential.
On Wednesday (September 17), the rupee appreciated 24 paise to close at 87.85 against US dollar.
Conrad Saldanha, MD & Portfolio Manager at Neuberger Berman, said the US dollar’s weakness after the Fed’s rate cut is a positive for emerging markets.
Of the three promoter entities, Gyanesh Chaudhary Family Trust and VSL Ventures have pledged their entire stake in the company.
Brokerage firm Citi expects Sun Pharma’s innovation revenues to climb to $3.2 billion by FY30, up from $1.2 billion in FY25.
A day prior, sources had told CNBC-TV18 that Jusmiral Holdings was to sell up to 5.1% of its stake in Cohance Lifesciences Ltd. via block deals.
Hindalco said production at its Novelis Plant in Oswego, New York plant has been halted at the moment as it investigates the cause of the fire and determines the extent of the impact on its operations.