Shemaroo Entertainment jumped 14.45% to Rs 207.95 at 14:35 IST on BSE after the company said it extended its relationship with The Orchard.
The company made the announcement during market hours today, 20 November 2014.
Meanwhile, the S&P BSE Sensex was down 73.83 points or 0.28% at 27,955.40.
On BSE, so far 1.44 lakh shares were traded in the counter as against average daily volume of 74,653 shares in the past one quarter.
The stock hit a high of Rs 214.80, also a record high for the stock. The stock hit a low of Rs 199.70 so far during the day. The stock had hit a record low of Rs 145 on 17 October 2014.
The stock had outperformed the market over the past one month till 19 November 2014, rising 27.18 % compared with the Sensex's 7.37% rise.
The small-cap firm has an equity capital of Rs 27.18 crore. Face value per share is Rs 10.
Shemaroo Entertainment, extended its relationship with The Orchard for distributing and marketing Shemaroo's music catalogue on iTunes in the Middle East and North Africa (MENA) region. Earlier this year, Shemaroo Entertainment, an established integrated media content house had entered into a strategic alliance with The Orchard, an international distributor of digital content, to distribute its music content in Latin America, North America, Europe and Asia Pacific. The deal allows Orchard to exploit Shemaroo's music catalogue on more than 100 international digital platforms like iTunes, Spotify, Rhapsody, eMusic, Virgin FR, Amazon Digital Services Inc, Xbox Music, rDio, MediaNet, etc. The vast repertoire of audio includes film, non?film across multiple genre like folk, pop, sufi, qawwalis, kid's music and Regional music.
In all it means, that the audience far from their home land will no more miss the desi (Indian) music. Not only this, they can also enjoy audio songs in their own local language as a variety of regional music in more than 22 languages including Punjabi, Marathi, Bhojpuri, Gujarati and Bengali among others are available on these platforms. Through this extended relationship with The Orchard, Shemaroo Entertainment will now be able to distribute its content in MENA region as well.
Jai Maroo, Director, Shemaroo Entertainment shared his thoughts on the occasion, Shemaroo has already been distributing its vast music catalog directly in India through all the telecom operators and music streaming services. For Global distribution of our content, we have already entered into a strategic alliance with The Orchard earlier this year. We are pleased to extend this partnership with the company to distribute our content on iTunes in the Middle East and North Africa (MENA). The development will empower audience from MENA with a variety of content across different genres.
Shemaroo's vibrant catalogue of Indian music is already available to consumers worldwide through our international network of digital retail outlets. This amendment will help us serve Shemaroo's content in MENA also now. We look forward to a creative and inventive partnership with Shemaroo, given their foundation as an early adopter of digital media, said Clint Cabral, Director South Asia for The Orchard.
Shemaroo has evolved into one of India's largest content owner, aggregator and distributor of filmbased copyrights and other entertainment rights and has already been working with leading online streaming platforms in India like viz Saavn, Gaana, Hungama, Nokia MixRadio, etc to distribute content.
Shemaroo Entertainment's consolidated net profit rose 26.3% to Rs 8.89 crore on 21% rise in total income to Rs 85.23 crore in Q2 September 2014 over Q2 September 2013.
Shemaroo Entertainment is an established media content house in the country, active in Content Acquisition, Value Addition to Content and Content Distribution with a large content library of over 2900 titles. Shemaroo is engaged in the distribution of content for satellite channels, physical formats and emerging digital technologies like the Mobile, Internet, Broadband, IPTV and DTH among others.
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