Aksh Optifibre rose 4.88% to Rs 26.85 at 09:45 IST on BSE after the company announced that its services division has bagged a national level banking correspondent contract from Bank of Baroda.
The announcement was made after market hours yesterday, 30 August 2017.Meanwhile, the S&P BSE Sensex was down 61.86 points, or 0.2%, to 31,584.60. The S&P Small-Cap index was up 41.19 points, or 0.26%, to 15,908.93.
On BSE, so far 2.19 lakh shares were traded in the counter, compared with an average volume of 7.01 lakh shares in the past one quarter. The stock hit a high of Rs 27.50 and a low of Rs 26.60 so far during the day. The stock hit a 52-week high of Rs 30.80 on 1 November 2016. The stock hit a 52-week low of Rs 14.15 on 30 August 2016.
The small-cap company has an equity capital of Rs 81.33 crore. Face value per share is Rs 5.
Aksh Optifibre announced that its services division has bagged a national level banking correspondent contract from Bank of Baroda. Under this programme, the company plans to set up 5,000 banking kiosks through its flagship services arm, 1 STOP AKSH in the upcoming year. Under 1STOP AKSH the company is operating 10,000 plus e-Mitra kiosks in Rajasthan, out of which 500 plus are already serving as banking kiosks.
The company also plans to mobilise the rest of the kiosks to offer 360 degree banking services, which will be operated on behalf of Bank of Baroda, primarily in the rural areas. The key focus areas for the company will be to create awareness and educate villagers about saving habits, use of micro finance solution and RuPay card, along with imparting knowledge about optimal funds management practices and debt counseling.
Aksh Optifibre's net profit dropped 79.22% to Rs 2.18 crore on 6.45% rise in net sales to Rs 115.39 crore in Q1 June 2017 over Q1 June 2016.
Aksh Optifibre provides transmission solutions for the telecom industry globally.
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