Trackpad

Saregama India acquires 51.8 per cent stake in Pocket Aces 

Saregama India is entering an exciting new phase of growth through its recent majority acquisition of Pocket Aces Pictures Private Limited, a rapidly growing digital entertainment company. Pocket Aces has a strong and direct connection with more than 95 million digitally-savvy, younger consumers on platforms like Instagram and YouTube. In this deal, Saregama is acquiring 51.8 per cent of Pocket Aces' shares for approximately ₹174 crore in an all-cash transaction, with a predetermined path to potentially acquire an additional 41 per cent stake within the next 15 months at agreed-upon valuations. This strategic move is a significant step towards Saregama's overarching goal of becoming a leader in the world of New Music across various Indian languages. Pocket Aces, renowned for its youth-focused digital content creation and publishing, possesses an impressive intellectual property portfolio consisting of more than 3,000 content pieces, including web series, sketches, music videos, and reels. These offerings are distributed across its various channels, including FilterCopy, Nutshell, and Gobble, with the company consistently delivering over 30 new pieces of content daily. 
 

Moreover, Pocket Aces operates Clout, a talent management division representing over 100 digital influencers, and Dice Media, a long-form content studio that has created relatable, youth-centric web series available on prominent OTT platforms such as Netflix, Hotstar, and Amazon. The acquisition of Pocket Aces signifies a significant expansion for Saregama, bringing in a wealth of intellectual property assets and a substantial distribution network with over 95 million followers. Saregama aims to leverage this network to increase the visibility of its music library among the 18-35 demographic. Additionally, this strategic move is expected to create synergies between the artist and influencer management divisions, as well as the long-format video production segments, of both companies. 

JTL Industries reports highest-ever quarterly sales volume 



JTL Industries Ltd informed the exchange that it has recorded its highest-ever quarterly sales volume of 81,686 MT, exhibiting a vigorous growth of 56.78 per cent in Q2FY24 over Q2FY23 driven by robust demand for structural steel tubes and pipes in both domestic and international markets. The company achieved a significant milestone with its highest-ever H1 sales volume reaching an unprecedented 1,59,028 MT, demonstrating a robust growth of 54.66 per cent compared to H1FY23. JTL witnessed a remarkable increase in sales of value-added products, with a substantial 50.93 per cent growth, rising from 40,221 MT in H1FY23 to 60,708 MT in H1FY24. 

JTL's sales of value-added products reached a healthy 28,202 MT in Q2FY24, up 14.63 per cent year-over-year (YoY) from 24,601 MT in Q2FY23. This is a remarkable achievement, as it shows that JTL's value-added products are in high demand. JTL also reported healthy export sales of 4,393 MT in Q2 FY24, up 14.49 per cent YoY from 3,837 MT in Q2 FY23. Exports accounted for approximately 5.38 per cent of JTL's total sales volume in Q2FY24. 

Titagarh Rail Systems Limited inks contract with Gujarat Metro Rail Corporation Limited 


 

Titagarh Rail Systems Limited informed in the exchange filing that the company had signed a contract worth ₹857 crore with Gujarat Metro Rail Corporation Limited. The contract involves designing, manufacturing, supplying, testing, commissioning and training 72 standard gauge cars for the Surat Metro Rail Phase I Project. The execution of the contract is slated to commence 76 weeks after the signing the contract and is expected to be completed in 132 weeks, thereafter. The Surat Metro Rail Project encompasses two corridors spanning a total of 40.45 kilometres with 38 stations and an estimated cost of ₹12,020 crore. The company expects the momentum in wagon orders from the railways and the private sector to continue, with a total offtake of around 30,000 wagons per year.