New Delhi. Shares of music company Tips Music Limited are rising sharply today. At 12:30 pm, Tips Music stock was trading at Rs 861.25 on BSE with a gain of about one and a half percent. This rise in the shares of Tips Music, popularly known as Tips Industries, has come after the company announced a partnership with TikTok. Tips Music's stock has given multibagger returns to investors in the last one year and its value has increased by 141 percent in the last 12 months. On Monday, the company announced a strategic partnership with TikTok. The partnership aims to promote Tips Music's rich and diverse music library through TikTok. TikTok is currently banned in India and Tips has clarified that this partnership does not include India and China. TikTok's parent company, ByteDance, is based in China.

The company said in its statement, "This partnership will give music lovers, non-resident Indians (NRIs), and NRIs an opportunity to access and connect with Tips Music's great music collection." The agreement between Tips and TikTok aims to meet the growing demand for Indian music globally. Kumar Taurani, Managing Director of Tips Music, said, "We have seen that the demand for Indian music is increasing rapidly globally. Many trends on TikTok testify to this. This partnership is an important step towards increasing Tips Music's global reach and engagement.

Shares rise
Tips Music shares rose 3.69% to a high of ₹ 880.35 in early trade on Monday. So far this year, the stock has registered a gain of 141 percent. In the last six months, the stock has given a 102 percent return to investors and 1a 43 percent return in the year 2024 so far. The 52-week high of Tips Music stock is Rs 950 and the 52-week low is Rs 663.45. The market capitalization of the company is Rs 11.01 thousand crore. As of September 2024, the promoters held a 64.15% stake in Tips Music.

Talking about the technical aspect, Tips Music stock is trading below the 5-day, 10-day and 20-day simple moving averages (SMA) but above the 30-day, 50-day and 200-day SMA. Its 14-d, ay Relative Strength Index (RSI) is at 51.19, which indicates that the stock is neither in the oversold zone nor in the overbought zone.