The stock had outperformed the market over the past one month, advancing 16.85% compared with 2.33% rise in the Sensex.

The scrip had outperformed the market in past three months, increasing 15.92% compared with 9.61% rise in the Sensex.

However, the counter had underperformed the market in past one year, rising 0.54% compared with 22.42% rise in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 81.882. 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 above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 322.54, 327.50 and 353.42, respectively. These levels will act as crucial support 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 2.2% to Rs 49.28 crore on 15.1% rise in net sales to Rs 207.41 crore in Q4 FY23 over Q4 FY22.