Music label Tips Music Ltd, formerly known as Tips Industries Ltd, on Monday announced a direct and strategic partnership to promote its music library on TikTok. "This partnership will enable music lovers, Non-Resident Indians (NRIs) and expatriates, to access and engage with Tips Music's rich and diverse music collection on the popular short-form video platform," the company stated in a release.
"The agreement between Tips Music and TikTok aims to meet the increasing demand for Indian music among global audiences. The collaboration ensures TikTok users across multiple regions will have seamless access to the wide range of Tips Music's library, featuring genres from Bollywood classics to regional language hits, strengthening the existing cultural connection and expression through music," it also said.
Kumar Taurani, Managing Director of Tips Music, said, "We have seen an increased consumption of Indian music globally. Several existing TikTok trends hold testament to it. This direct strategic partnership with ByteDance marks an important step in expanding the global footprint and engagement of TIPS Music. The TikTok platform has a massive audience base and this deal improvises the discovery of our music. I would like to thank TikTok and our CEO, Mr. Hari Nair for weaving this direct deal."
For the unversed, TikTok is currently banned in the country and Tips underscored that this partnership excludes China and India. Beijing-based ByteDance is the parent company of TikTok.
On the stock-specific front, Tips Music shares jumped 3.69 per cent to hit a day high of Rs 880.35. The stock was last seen trading 1.18 per cent higher at Rs 859. At this price, the multibagger scrip has rallied 142.93 per cent on a year-to-date (YTD) basis.
Around 12,000 shares were seen changing hands today on BSE. The figure was lower than the two-week average volume of 15,000 shares. Turnover on the counter came at Rs 1.05 crore, commanding a market capitalisation (m-cap) of Rs 10,941.11 crore.
Technically, the scrip traded lower than the 5-day, 10-day and 20-day simple moving averages (SMAs) but higher than the 30-day, 50-, 100-, 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 51.19. A level below 30 is defined as oversold while a value above 70 is considered overbought.
As per BSE, the stock has a price-to-equity (P/E) ratio of 71.33 against a price-to-book (P/B) value of 54.49. Earnings per share (EPS) stood at 11.90 with a return on equity (RoE) of 76.40. Promoters held a 64.15 per cent stake in the music firm as on September 2024.