Over the past month, the stock has outpaced the market with a 24.63% increase, compared to a modest 1.87% rise in the Nifty 50.

In the previous quarter, the stock has also outperformed the market, with a 22.23% increase, as opposed to a 9.45% rise in the Nifty 50.

However, over the past year, the stock has not performed as well as the market, with a 7.35% increase compared to a 20.15% rise in the Nifty 50.

From a technical perspective, the daily relative strength index (RSI) of the stock is at 77.09. The RSI, which fluctuates between zero and 100, is typically considered overbought when it's above 70 and oversold when it's below 30.

According to the daily chart, the stock is trading above its 50-day, 100-day, and 200-day simple moving averages (SMA), which are at 327.33, 329.37, and 353.30 respectively. These levels are expected to serve as important support zones in the near future.

The company announced that the National Company Law Tribunal, Kolkata Bench (“Tribunal”) vide its order dated 22nd June 2023 has sanctioned the scheme of arrangement between Saregama India and Digidrive Distributors and their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (“Scheme”).

Saregama is de-merging its e-commerce distribution business into a new company called Digidrive Distributors. The demerge is relating to sale of all its physical products including Carvaan on digital marketplaces along with identified non-core asset. The scheme does not involve cash consideration. The existing shareholders of Saregama will receive two fully paid-up equity shares of Rs 10 each in Digidrive Distributors for every single equity share of Rs 10 each in Saregama.

The de-merger is expected to unlock the value of the e-commerce distribution business and enable focused growth for both businesses. The de-merger is also expected to provide investors with better flexibility to select investments that suit their investment strategies and risk profiles.

The de-merger is subject to regulatory approvals, including approvals from the BSE, NSE, and the National Company Law Tribunal.

Saregama India, formerly known as The Gramophone Company of India, is a RPSG group company owning the largest music archives in India and 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.