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Why Affle India shares gained 20% in two sessions?

Affle India shares gained as much as 9.81 per cent to hit a new high of Rs 4,582.8, before settling at 4283.15, up 2.63 per cent, on the BSE

twitter-logoBusinessToday.In | February 8, 2021 | Updated 18:42 IST
Why Affle India shares gained 20% in two sessions?
Affle India shares ended 2.63% higher at Rs 4,283

Shares of Affle India extended rally for the second consecutive session on Monday, hitting fresh 52-week high on Bombay Stock Exchange, after the global technology company reported strong earnings for December quarter. The stock has gained 20 per cent in the last two sessions as compared to 1 per cent rise in BSE benchmark SENSEX.

On Monday, Affle India shares belled the day in positive terrain at 4380 against the previous closing price of Rs 4,173.20. During the day's trade, the stock gained as much as 9.81 per cent to hit a new high of Rs 4,582.8, before settling at 4,283.15, up 2.63 per cent, on the BSE. The market cap of the stock surged to Rs 10,920.48 crore.

On the volume front, there was spurt in buying as 23,000 shares changes hands over the counter as compared to two-week average volume of 6,625 shares.

Also read: This Bajaj Group stock surged 50% in three sessions; did you miss the rally?

Investors remained bullish on Affle India shares after the company delivered broad-based growth during the October-December quarter of the current fiscal. This was driven by both CPCU (cost per converted user) business, which accounts for 90 per cent of its revenues, and non-CPCU business.

Affle India, a consumer intelligence driven company, reported 42.9 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 30.60 crore during December quarter of 2020. The revenue from operations grew 59.3 per cent YoY at Rs 150.50 crore. EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) grew 40.5 per cent YoY to Rs 38.40 crore, while margin contracted 360 basis points (bps) to 25.3 per cent, due to higher employee expenses.

Also read: Adani Enterprises share hits 52-week high as subsidiary buys stake in Mumbai Airport

Promoted by Singapore-based Affle Holdings, the company has some renowned investors which includes Microsoft, D2C (an NTT DoCoMo, Dentsu & NTT Advertising JV), Itochu, Bennett Coleman & Company (BCCL), amongst others.

 

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