Tips Industries surges to 52-week high after Rs 248-crore worth of shares change

Tips Industries surged nearly 6 percent to hit a 52-week high of Rs 433.45 in the early trade on January 29 after a Rs 248-crore deal took place in the counter.

Around 65 lakh shares, representing a 5.1 percent equity, changed hands at a floor price of Rs 380 a share. The floor price of the transaction reflects a 7.5 percent discount from the previous closing price.

Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.

At 10.05 am, Tips Industries was trading at Rs 432 on the National Stock Exchange. The large deal also ticked off a spike in volumes in the counter as 70 lakh shares changed hands on the exchanges in the morning, significantly higher than the one-month daily traded average of 9 lakh.

The company reported a 72 percent year-on-year rise in net profit at Rs 34.7 crore in the December quarter, while revenue jumped 27 percent to Rs 64.8 crore.

“In terms of content releases, we successfully launched 165 new songs in Q3FY24, including 82 new film songs and 83 non-film songs, featuring key releases like the impactful “High Hukku” by King and “Merry Christmas” title track. On the digital front, our YouTube presence continues to thrive, boasting 93 million subscribers, and in Q3FY24 alone, we recorded 47 billion views, reflecting an impressive 52  percent YoY growth,” Kumar Taurani – Chairman & Managing Director said in a press release.

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