Spice Mobility surged 11.32% to Rs 24.15 at 10:15 IST on BSE after the company said that Spice Digital, a subsidiary of the company, has acquired 26% stake in Creative Functionapps Lab.
The announcement was made before market hours today, 3 July 2015.
Meanwhile, the BSE Sensex was up 165.34 points, or 0.59%, to 28,111.14.
On BSE, so far 660 shares were traded in the counter, compared with an average volume of 4,278 shares in the past one quarter.
The stock hit a high of Rs 24.10 and low of Rs 22.10 so far during the day. The stock hit a 52-week high of Rs 42.90 on 16 October 2014. The stock hit a 52-week low of Rs 20 on 22 December 2014.
The stock had underperformed the market over the past one month till 2 July 2015, falling 11.99% compared with 2.79% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 20.11% as against Sensex's 1.11% 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 Spice Digital (SDL), a subsidiary of the company, has acquired 26% stake in Creative Functionapps Lab. Creative Functionapps is engaged in the business of telecom and mobile internet and developing innovative products and solutions for the next generation telecom networks. The products and solutions of the company range from analytics based telecom network performance and monitoring to mobile and internet consumer services. Consequent to the said acquisition, Creative Functionapps Lab has become an associate company of SDL.
On consolidated basis, Spice Mobility reported net loss of Rs 70.69 crore in Q3 March 2015 compared with net loss of Rs 18.67 crore in Q3 March 2014. Total income rose 2.1% to Rs 481.44 crore in Q3 March 2015 over Q3 March 2014.
Spice Mobility (formerly S Mobility) is a multi-faceted group prepared to embrace the change with imaginative products and innovative technology. An integral part of the Spice Group, Spice Mobility began its journey in the Communication & Entertainment sector by introducing new age mobile phones in the Indian market.
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