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