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Route Mobile share rises 34% in three days, here's why

BusinessToday.In     September 25, 2020

Route Mobile share gained over 8% in trade today after 29.54 lakh shares of the firm changed hands in bulk deals on September 24. Share price of Route Mobile rose up to 8.79% to  Rs 987 against previous close of Rs 908 on BSE.  The stock has gained 32.6% in the last 3 days. Market cap of the firm climbed to Rs 5,256 crore.

Total 5.47 lakh shares changed hands amounting to turnover of Rs 51.68 crore.

The share opened with a gain of 2.41% at Rs 930 on BSE.

Route Mobile stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 32.6% in last three days. The share changed hands on NSE within a price range of Rs 885 to Rs 914 in seven different bulk deals.

Share price of Route Mobile has gained 34% in three days with Goldman Sachs buying additional stake in the cloud services firm.

US-based Goldman Sachs bought an additional 24.09 lakh equity shares or 4.23 percent stake in the firm via open market transactions. On September 22, the share price of cloud communication services provider  rose nearly 7%.

Route Mobile IPO subscribed 14.48 times on last day

Kuwait Investment Authority via Kuwait Investment Authority Fund 225 also purchased another 5,78,504 shares in Route Mobile (representing 1.01 percent of the total paid-up equity) at Rs 697.25 per share, a 99.2 percent premium over its issue price.

Goldman Sachs India and Kuwait Investment Authority Fund 225 had already bought 3,94,840 equity shares each in the company via anchor book, at Rs 350 per share on September 8.

Route Mobile share made a stellar debut on BSE and NSE on September 21. The share delivered over 100% gains to its investors. Stock of Route Mobile listed at a premium of 102.28% above its IPO issue price of Rs 350 on BSE.  Route Mobile share opened at Rs 708, gaining Rs 358 compared to its issue price.

The share further rose to an intra day high of Rs 735, a gain of Rs 385 or 110%  above its issue price. On NSE, the share opened at Rs 717, gaining 104.85% to its issue price of Rs 350. Route Mobile stock rose 110% above its issue price to Rs 735 on an intra day basis.

Route Mobile share makes stellar debut, lists at 105% premium over issue price

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