Subex shares hit 10% upper circuit today; here is why

Shares of Subex Ltd surged 10 per cent on Friday to hit their upper price band of Rs 13.17 after the company announced an overseas contract win.

The stock recorded heavy trading volume along with price action as around 11.01 lakh shares were last seen changing hands on BSE. The figure was way more than the two-week average quantity of 1.08 lakh shares.

Turnover on the counter came at Rs 1.43 crore, commanding a market capitalisation (m-cap) of Rs 740.16 crore.

In a post-market filing on Thursday, the smallcap IT solutions provider said it has secured a six-year deal worth $6.62 million from a leading telecom operator in the Netherlands.

The agreement involves delivering a single, converged platform for MVNO billing and wholesale partner settlement, extending an existing partnership that already spans routing, interconnect, OTT, SMS, DCB and wholebuy billing.

Subex added that the contract may be extended for an additional two years, with an upward revision in commercials.