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Affle (India) share hits 5% upper circuit on buying stake in Singapore firm

Affle (India) share ended at Rs 1,523.90 apiece, a gain of 5% against previous close of Rs 1451 on BSE. 

twitter-logoBusinessToday.In | July 3, 2020 | Updated 19:16 IST
Affle (India) share hits 5% upper circuit on buying stake in Singapore firm
Affle India share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Share price of Affle (India) Limited ended 5% higher today after the company said it inked a definitive agreement to acquire 8% stake in Singapore's OSLabs for $2.86 million. Affle (India) said the acquisition is likely to be completed on or before July 25, 2020. Affle (India) share ended at Rs 1,523.90 apiece, a gain of 5% against previous close of Rs 1451 on BSE.  The stock has gained after 6 days of consecutive fall.

Affle India share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

However, the share has lost 3.65% since the beginning of this year. Total 4111 shares changed hands amounting to turnover of Rs 62.49 lakh on BSE. The small cap stock hit a 52-week high of Rs 2296 on February 19, 2020 and 52-week low of Rs 751 on August 8, 2019. According to the earnings of OSLabs ("Indus OS"), its consolidated revenue from operations for the year ended March stood at  Rs 18.05 crore.

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OSLabs is a strategic investment for Affle as the latter owns and operates 'Made for India' Indus App Bazaar which is the country's largest independent indigenous app store.

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.

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

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