Spice Mobility gained 3.85% to Rs 21.60 at 10:00 IST on BSE after the company said that Spice Digital, a subsidiary of the company has acquired 22.54% equity stake in Sunstone Eduversity.
The company made the announcement after market hours on Friday, 8 January 2016.Meanwhile, the BSE Sensex was down 283.84 points, or 1.14%, to 24,659.63.
On BSE, so far 1,900 shares were traded in the counter, compared with an average volume of 11,349 shares in the past one quarter. The stock hit a high of Rs 21.60 and low of Rs 21 so far during the day. The stock hit a 52-week high of Rs 32.95 on 23 February 2015. The stock hit a 52-week low of Rs 17.10 on 3 September 2015. The stock had outperformed the market over the past one month till 8 January 2016, rising 5.85% compared with 1.49% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 5.05% as against Sensex's 7.12% decline.
The small-cap stock has an equity capital of Rs 68.36 crore. Face value per share is Rs 3.
Spice Mobility said that consequent to the acquisition, Sunstone Eduversity has become an associate company of Spice Digital (SDL). Sunstone Eduversity was incorporated for the purpose of engaging in the line of education business. Sunstone Eduversity is a newly incorporated company, having been incorporated on 19 November 2015. SDL acquired the stake in Sunstone Eduversity as an investment in new sunrise industry. Shares of Sunstone Eduversity were acquired at par with cash.
On consolidated basis, Spice Mobility reported net loss of Rs 6.23 crore in Q2 September 2015 compared with net loss of Rs 13.32 crore in Q1 September 2014. Net sales fell 9.23% to Rs 496.09 crore in Q2 September 2015 over Q1 September 2014. The company has changed year end from June 2014 to March 2015.
Spice Mobility (formerly S Mobility) is an integral part of the Spice Group, the company began its journey in the Communication & Entertainment sector by introducing new age mobile phones in the Indian market.
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