Saregama India shares up; Emkay Global initiates coverage with 'buy'

Saregama India

11/12/2023 09:39

** Shares of music label Saregama India  SARE.NS  up 3.5% to
384.30 rupees
    ** Brokerage Emkay Global initiates coverage on SARE with
"buy" and a PT of 465 rupees, an implied upside of ~25% to its
closing price on Friday
    ** Growing digital revenue and ramp-up of paid subscribers
to boost long growth runway for SARE - brokerage
    ** Estimates revenue to grow at CAGR of 23% over FY23-26;
music licensing business, its biggest segment, to see revenue
growth at CAGR of ~18% over the same period
    ** Over 806,000 shares change hands, 1.5x the 30-day moving
average
    ** Including session's move, stock up ~7% YTD
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))