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Affle India shares hit 52-week high after firm wins contract from Singapore govt

Affle India shares have risen 39% in one week and 71% in a month and 86% since the beginning of the year. Market capitalisation of the firm stood at Rs 7,504 crore as of today's session

twitter-logoBusinessToday.In | August 26, 2020 | Updated 18:52 IST
Affle India shares hit 52-week high after firm wins contract from Singapore govt
Shares of Affle India closed 5% higher at a new 52-week high of Rs 2,943.35 on BSE today

Share price of ad services provider Affle India touched 5% upper circuit and hit a new 52-week high of Rs 2,943.35 in Wednesday's early session after the company announced that it has won a contract for Singapore-citizens-engagement project.

Following the update, shares of Affle India opened with a gain of 5% and touched an intraday as well as new 52-week high of Rs 2943.35 on BSE against earlier close of Rs 2,803.20. Shares of Affle (India) were locked in upper circuit band for the fourth consecutive trading session and the stock has risen 39.75% during the  same period.

The highly volatile stock price of Affle India stands higher than 5, 20, 50, 100 and 200-day moving averages.

Affle India shares have risen 39% in one week and 71% in a month and 86% since the beginning of the year. Market capitalisation of the firm stood at Rs 7,504 crore as of today's session.

Affle International Pte Ltd announced that it has won the contract from the Singapore government to build a 'Digital & Cloud-based Commuter Survey Platform' for Land Transport Authority (LTA), the company said in an exchange filing.

Affle's mobile marketing platforms will enable interactive surveys for citizens in Singapore to drive LTA's objective of building a people-centred land transport system valued at over $1 million, the company said.

"We would like to thank LTA as well as all other Singapore government agencies for the opportunity to prove our platforms and our ability to drive meaningful citizen engagements on connected devices. We would also like to thank IMDA for accrediting our platforms and their continued support. These wins are significant validation of our Affle2.0 verticalization strategy and strengthen our long-term growth trend," said Anuj Khanna Sohum, Chairman. MD and CEO at Affle.

Curently, the global technology company is actively engaged in 6 projects across multiple Singapore government agencies.

Shares of Affle India closed 5% higher at a new 52-week high of Rs 2,943.35 on BSE today.

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