Balaji Telefilms Ltd. rose 14 percent to its 52-week high on Tuesday after the company said its over-the-top (OTT) service ALT Balaji Application will now be available on Fire TV Stick, Amazon’s internet streaming device.
The platform went live on April 16 this year and the stock has risen 41 percent since then, as of Tuesday’s close. It offers over 250 hours of original and exclusive content consisting of shows from all genres in addition to original kids content.
ALT Balaji already has over 3 million downloads across iOS and Anroid users and was recently the third top grossing app in iTunes in India in the entertainment section, the company said in its filing to the stock exchanges.
Balaji Telefilms has risen 78 percent so far this year, compared to a gain of 28 percent on the S&P BSE SmallCap Index. The company has a market capitalisation of more than Rs 1,100 crore. Promoter holding increased from 40.92 percent in June 2016 to 42.22 percent in March this year. – Bloomberg Quint