Meanwhile, the BSE Sensex was down 42.73 points, or 0.23%, to 18,701.83.

On BSE, 41,000 shares were traded in the counter as against an average daily volume of 32,259 shares in the past one quarter.

The stock hit a high of Rs 74.40 and a low of Rs 68.50 so far during the day. The stock had hit a 52-week high of Rs 163.30 on 23 August 2010 and a 52-week low of Rs 53 on 1 March 2011.

The stock had outperformed the market over the past one month until 5 July 2011, jumping 12.80% compared with the Sensex's 2% rise. The scrip had also outperformed the market in past one quarter, gaining 4.54% as against 4.79% decline in the Sensex.

The small-cap company, which makes, sells and deals in audio CDs and DVDs, has an equity capital of Rs 17.40 crore. Face value per share is Rs 10.

According to reports, Saregama India and unlisted firm Timbre Media have announced a tie up to create customized radio channels to be aired through direct-to-home TV channels and mobile phones. These channels will leverage Saregama's content and distribution strengths with programming handled by Timbre's team.

Timber Media offers customized radio content for multiple broadcast platforms, and packaged music and non-music content in various formats.

Saregama India reported a net profit of Rs 5.32 crore in Q4 March 2011 compared with a net loss of Rs 0.29 crore in Q4 March 2010. Net sales rose 62.4% to Rs 44.80 crore in Q4 March 2011 over Q4 March 2010.