Eros Int’l Stock Gains 4.5% on Talk of Con­tent Sale to Ap­ple

The Economic Times - - Smart -

Mumbai: Shares of Eros In­ter­na­tional Me­dia ended up 4.5% at ₹ 219.50 on Mon­day af­ter The Eco­nomic Times re­ported that Eros Group is in talks with Ap­ple Inc to sell its en­tire con­tent li­brary of films and mu­sic for around $1 bil­lion. The deal may also in­clude Eros’ dig­i­tal OTT plat­form, ET re­ported in its Mon­day edi­tion. Par­al­lel dis­cus­sions with ri­val me­dia and tech­nol­ogy ma­jors Ama­zon and Net­flix have also gath­ered mo­men­tum. When asked by ex­changes, the com­pany clar­i­fied that it is not privy to any strate­gic dis­cus­sion that its par­ent com­pany Eros In­ter­na­tional PLC maybe hav­ing with var­i­ous po­ten­tial part­ners. The stock had gained as much as 9.5% to a high of ₹ 230 dur­ing the ses­sion be­fore los­ing steam and clos­ing off the day’s highs. Traded vol­ume at 4.31 lakh shares was nearly twice the last two weeks’ daily av­er­age vol­ume of about 2.53 lakh shares.

So far this year, shares of Eros In­ter­na­tional Me­dia have gained 33.6% as against a rise of 29.7% in the BSE MidCap in­dex dur­ing the same pe­riod.

The stock gained as much as 9.5% dur­ing Mon­day’s ses­sion, while traded vol­umes dou­bled over last fort­night

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