Tips Industries' stock soars nearly 8% after a surprise partnership announcement!

5paisa Research Team 5th May 2023 - 03:52 pm

Are you ready for some exciting news? Tips Industries Limited has just announced a partnership with Sony Music Publishing (SMP) - and the stock is skyrocketing as a result.

You've heard the saying "One is a lonely number, but two makes a party!" - and it seems to be true for Tips Industries Limited. The stock has surged by nearly 8% in a market that's been witnessing profit booking.

Why the rise?

Well, Tips Industries Limited - also known as Tips Music - has just signed a global music publishing agreement with SMP, one of the most prestigious music publishing companies in the world. This partnership will help Tips Music generate more publishing revenues and take Indian music to the international stage, entertaining audiences all over the world.

And the stock is reflecting this good news. In fact, it's seen an astonishing rise in volume - the highest single-day volume registered in the last two months, and above both the 10 and 30-day averages. From a technical standpoint, the stock has even reclaimed its important short-term moving average of 20-DMA.

But that's not all - the leading indicators, like the 14-period RSI on the daily timeframe, have also seen a positive crossover. All of this bodes well for the stock's performance.

On the NSE, the stock opened at Rs 150.95, but it's been steadily climbing since then. In fact, it's made an intra-day high of Rs 169.95.

Looking at the stock's short-term performance, it's up by nearly 8% in the last week and 3.5% in the last month. On a YTD basis, it's down by 7.5%. But with this exciting announcement, it seems like Tips Industries Limited is about to turn things around.

All in all, this partnership with SMP is fantastic news for Tips Industries Limited - and for investors who are looking for some excitement in the market.

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5paisa Research Team

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The

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