Stock of this music company has zoomed 250% in last 10 months

Shares of Tips Industries (Tips Music) were up nearly 2 per cent to Rs. 527.95 on the BSE in Friday’s intra-day trade after Warner Music announced it has expanded its agreement with the company.

Meanwhile, the board of directors of the company also approved the proposal for buyback of up to 5,95,000 equity shares at a price of Rs. 625 per share for a total consideration of Rs. 37.18 crore through a tender offer.

Shares of Tips Music had hit a record high of Rs. 530.95 on Thursday, February 29. In the past 10 months, the stock price of the company has zoomed 250 per cent. However, at 10:49 am; Tips Music was trading 2 per cent lower at Rs 508.70 as compared to a 0.91 per cent rise in the S&P BSE Sensex.

Tips Music is one of the leading music labels of India based in Mumbai. The company boasts an extensive catalogue of 30,000 plus “THE MUST HAVE HITS” songs and is considered to be a prominent music creator across major languages and genres of music from India.

Warner Music, with its global teams, have offered specialist commercial support across various Digital Service Providers (DSPs) - pitching and landing key Tips' playlist spots across frontline and catalogue releases.

Warner Music has been exclusively distributing Tips Music’s 13,000 plus strong Hindi catalogue since 2020, and has played an important role in growing the company’s Bollywood soundtracks on the international stage.

This new deal will now see Warner Music take on the commercial and distribution responsibilities for all Tips Music’s frontline and catalogue music on all audio streaming apps, which spans across 23 Indian languages and 30,000 plus songs.

With access to Tips Music's extensive catalogue, Warner Music will use its extensive global network of experts to promote Tips Music’s artists and songs around the world, opening them up to new fans and opportunities, the company said in an exchange filing.