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Route Mobile, Affle India Hit Record Highs On Large Trade Volumes

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Route Mobile and Affle India shares hit their respective highs and were stuck in upper circuits in afternoon trade on Thursday, on heavy trading volumes.

 

Route Mobile was locked in upper circuit of 20% at a new high of Rs 1,525.30 on NSE. Meanwhile, Affle India was frozen in an upper circuit of 10% at Rs 5,092.55.

Affle India has gained 22% this week after the company reported strong earnings for the December-quarter. The company posted a 59.32% jump in sales for the quarter. Its net profit was up 43.08% to Rs 30.69 crore in the third quarter of FY 2020-21 when compared to Rs 21.45 crore in the same period a year ago.

Route Mobile, Affle India Hit Record Highs On Large Trade Volumes

Analysts turned bullish on the stock after the Q3 results. ICICI Direct said that robust growth in the Indian region (30% CAGR over the next five years) led by higher online shopping and improved penetration in tier-2 & tier-3 cities of India is expected to drive topline. This coupled with geographic expansion and a significant shift among consumers to adopt digital technology globally will drive long term revenues. In addition, the company's unique business model, healthy PAT growth (CAGR of 40%) prompts the brokerage to maintain a "buy" rating on the stock with a target price of Rs 5,100.

 

Meanwhile Route Mobile has rallied 35% in a week after the company won 2 Gold Awards across categories at the 2021 Juniper Awards for Telco Innovation. The award honours leading players in the Enterprise Telecommunications, Network Security, and Anti-Fraud Markets.

The pandemic proved to be positive for the company as it accelerated adoption of next-generation messaging channels, including enterprise voice solutions; IP based messaging and unified communication solutions, amongst others, by enterprises.

Foreign portfolio investors (FPIs) have increased their stake in Route Mobile by 540 basis points (bps) during the October-December quarter. FPI stake in the company stood at 15.74% as on 31 December 2020 as against 10.34% at the end of September 2020 and 4.32% on listing date.

Read more about: route mobile affle india
Story first published: Thursday, February 11, 2021, 16:49 [IST]
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