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Kolkata Jan. 29 Saregama India has posted a net profit of Rs 3.7 crore for the third quarter ended December 31, 2006, up from Rs 2.58 crore recorded in the corresponding quarter of the previous year.

The company's net sales for the quarter stood at Rs 22.30 crore (Rs 26.24 crore).

In respect of Saregama's investment in Music World Entertainment Ltd (MWEL), pursuant to a sanctioned scheme of arrangement between MWEL, Music World Ltd and Great Wholesale Club Ltd (GWCL), the company has received 5.62 lakh shares in GWCL.

Saregama has acquired 50,000 shares in Kolkata Metro Networks Ltd, following which the latter has become its wholly owned subsidiary.

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