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Affle (India) hits the roof on acquiring stake in Singapore firm

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Capital Market
Last Updated : Jul 03 2020 | 1:16 PM IST

Affle (India) hit an upper circuit of 5% at Rs 1,523.90 after the company said it signed a definitive agreement on 2 July 2020 to acquire 8% stake in Singapore's OSLabs for $2.86 million.

The acquisition is likely to complete by 25 July 2020. OSLabs ("Indus OS")'s total unaudited consolidated revenue from operations (financial year ended 31 March 2020) was Rs 18.05 crore.

OSLabs is a strategic investment for Affle as it owns and operates 'Made for India' Indus App Bazaar which is India's largest independent indigenous apps store and it partners with OEMs in India. Indus App Bazaar with over 400,000 apps in English and 12 Indian languages, enhances Affle's vernacular and verticalization strategy, and strengths Affle's position as the enabling platform for the indigenous apps ecosystem in India.

On the technical front, Affle (India)'s RSI (relative strength index) stood at 57.455 on National Stock Exchange (NSE). The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 1,450.41 and its 200-day moving average (DMA) placed at 1,448.45.

Affle (India)'s consolidated net profit rose 5.7% to Rs 15.29 crore on a 32.3% surge in net sales to Rs 80.02 crore in Q4 March 2020 over Q4 March 2019.

Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagements, acquisitions and transactions through relevant mobile advertising.

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First Published: Jul 03 2020 | 12:21 PM IST

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