Saregama India corrects on profit selling
Mar 22, 2023 03:05 PM | Source: capitalmarket.com
Saregama India fell 4.20% to Rs 330.35 on profit selling after recent steep gains.
Shares of Saregama India jumped 9.39% in the past four sessions.
The stock hit a 52-week high of Rs 512 on 6 April 2022. The stock hit a 52-week low of Rs 309.80 on 15 March 2023.
The stock had outperformed the market over the past one month, rising 0.52% compared with 2.67% decline in the Sensex.
The counter had underperformed the market in past three months, falling 11.96% compared with 4.40% decline in the Sensex.
The scrip had also underperformed the market in past one year, sliding 26.37% compared with 0.28% rise in the Sensex.
On the technical front, the stock's daily RSI (relative strength index) stood at 50.26. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 338.74, 358.77 and 375.10, respectively. These levels will act as crucial resistance zones in near term.
Saregama India owns the largest music archives in India and it is one of the biggest in the world. The ownership of nearly 50% of all the music ever recorded in India also makes Saregama the most authoritative repository of the country's musical heritage. Saregama has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.
On a consolidated basis, net profit of Saregama India rose 21.01% to Rs 52.52 crore on 23.36% rise in net sales to Rs 185.46 crore in Q3 December 2022 over Q3 December 2021.