Affle (India) hit an upper circuit of 5% at Rs 2943.35 after the company said it won a contract worth over $1 million for Singapore-citizens-engagement project.
Affle International today (26 August) announced that it has won the contract from the Singapore Government to build a 'digital & cloud-based commuter survey platform' for Land Transport Authority (LTA). The total value of the contract is over $1 million.The company's mobile marketing platforms will enable interactive surveys for citizens in Singapore to drive LTA's objective of building a people-centered land transport system.
Affle's platforms were first accredited by the Infocomm Media Development Authority of Singapore in 2018, and Affle is actively engaged on 6 projects across multiple Singapore government agencies as on date.
Shares of Affle (India) were locked in an upper circuit band for fourth consecutive trading session. The bourses have changed the counter's upper circuit limit from 10% to 5%.
Affle has jumped nearly 40% in four trading sessions from its previous closing low of Rs 2106.15 on 20 August 2020. Affle India hit a record high of Rs 2,943.35 in intraday trade today. The stock trades 279% above its 52-week low of Rs 775.7 hit on 26 August 2019.
On the technical front, the stock's RSI (relative strength index) stood at 89.46. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is currently trading above its 50-day, 100-day and 200-day simple moving averages placed at 1814.12, 1600.63 and 1589.61 respectively. These levels will act as crucial support levels in near term.
The company's consolidated net profit jumped 42.3% to Rs 18.77 crore on 20% increase in net sales to Rs 89.77 crore in Q1 June 2020 over Q1 June 2019. Profit before tax came at Rs 20.11 crore in Q1 June 2020, rising 23% from Rs 16.35 crore in the same period last year. EBITDA grew by 20.3% year on year to Rs 22.5 crore in quarter ending June 2020. The company EBITDA margin remained unchanged at 25% in Q1 June 2020. The result was announced on 8 August 2020.
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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