Shares of Route Mobile surged over 3 percent to Rs 1,460 apiece on November 26, the most in 15 weeks amid heavy volumes. Despite today's rise, the stock has declined over 9 percent so far this year, as compared to benchmark Nifty 50's 10 percent surge.
So far on November 26, around 58,000 equity shares exchanged on both BSE and NSE, as against one-month average of 97,000 equity shares.
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Recently, Route Mobile UK, a subsidiary of Route Mobile approved the acquisition of 75 lakh shares in PT Route Mobile Indonesia (RM Indonesia) for Indonesian Rupiah (IDR) 7,507,500,000 on November 22, 2024. This will give Route Mobile UK a 99.9 percent stake in RM Indonesia. RM Indonesia provides value-added services in omni-channel communication.
The investment is required to comply with Indonesian law, which mandates a minimum paid-up capital of IDR 10,000,000,000 for foreign-owned companies in the country.
Route Mobile is a cloud communications platform company that offers services for messaging, voice, email, SMS filtering, analytics, and monetization. Their services are used by enterprises, mobile network operators, over-the-top players, social media companies, banks, financial institutions, e-commerce entities, and travel aggregators.
In the recently concluded September quarter, the company reported 14 percent YoY increase in net profit to Rs 101 crore, while revenue from operations rose by 9 percent YoY to Rs 1,014 crore.
"We have posted our highest ever quarterly revenue, despite Q2 being a seasonally weak quarter. We remain very optimistic about our growth prospects in Q3 owing to the festive season ahead of us," Rajdipkumar Gupta, MD and Group CEO, Route Mobile said.
Around 4 brokerages cover the stock - with all of them recommeding a "buy" rating for Route Mobile.
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