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Affle India share hits upper circuit after board approves stock split

Affle India share hits upper circuit after board approves stock split

Affle India stock touched an intraday high of Rs 4,180, up 5% on BSE

Affle India share trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. Affle India share trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

Affle India stock hit upper circuit of 5% today after the firm's board approved split of equity shares in a ratio of 1:5. The stock touched an intraday high of Rs 4,180, up 5% on BSE.

The mid cap stock opened with a gain of 2.48% at Rs 4,080 against previous close of Rs 3,981.40 on BSE.

Affle India share trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

In one year, the share has risen 42.03% and risen 10.49% since the beginning of this year.

Total 0.11 lakh shares of the firm changed hands amounting to turnover of Rs 4.75 crore on BSE.

The board approved stock split (sub-division of equity shares) of the company's 1 equity share of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each, subject to the approval of shareholders and other approvals as may be required and post approval of the shareholders for the stock split, record date for the same shall be October 8, 2021, as per the company release.

A stock split leads to increase in liquidity of the stock. The stock also gets more affordable for retail investors since the company divides the existing shares into new shares. However, market cap of the firm remains the same.

Shares of Affle India got listed in 2019 on BSE and NSE.  The shares have surged sharply from issue price of  Rs 745.

On March 5 this year, the stock hit 52-week high of Rs 6,287 and 52 week low of Rs 2,452 on September 1, 2020.

In Q1 of the current fiscal, net profit rose 90% to Rs 35.73 crore against Rs 18.77 crore in the corresponding quarter of previous fiscal.

Net sales rose 69.85% to Rs 152.47 crore  in June quarter against Rs 89.77 crore profit in the corresponding quarter of previous fiscal.

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