Affle India share price hit upper circuit of 5% today after the company announced it would acquire 100 percent stake in Singapore based company Appnext. Share price of Affle India touched an intraday high of Rs 1,555.55 , a gain of 5% against previous close of Rs 1,481 on BSE. The small cap stock opened with a gain of 3.41% at Rs 1,532.
The share trades higher than 20 day, 50 day and 200 day moving averages but lower than 5 day and 100 day moving averages. The stock has lost 4.5% since the beginning of this year. Total 0.12 lakh shares changed hands amounting to turnover of Rs 1.90 crore on BSE.
Since its listing on August 8, 2019, the stock price of the global technology company has more than doubled against the issue price of Rs 745 per share. Affle India said Appnext's app discovery and recommendation platform enables top mobile handset manufacturers (OEMs) and apps developers to deliver personalised app recommendations to mobile users globally.
Affle will initially acquire 66.67% equity ownership in Appnext Singapore, with a clear plan to acquire 100% equity ownership upon attainment of mutually agreed growth targets.
"We are excited to welcome the Appnext team on-board as we strengthen our foundation for Affle's next phase of growth journey. Affle2.0 will focus on building sustainable market leadership in India as well as enhancing our competitive advantage globally through our technology innovations," said Anuj Khanna Sohum, Chairman, MD and CEO at Affle.