This mid-size cloud communication provider has rallied 18 per cent in two days!

In the afternoon deals, while the BSE IT index is 0.47 per cent up, Tanla Platforms gained more than 7 per cent in the first half of the trading session.

This mid-size cloud communication provider company, Tanla Platforms gained more than 7 per cent in the first half of the trading session. It has been in a downtrend for the past one month, declining more than 25 per cent from Rs 1,958 on January 17, 2022, to Rs 1,451 on February 14, 2022.

But for the last two days, it has gained good momentum, rallied more than 10 per cent yesterday. Since NASDAQ had a good rally for the last 2 days, IT companies in India also have a ripple effect from it, besides overall market also has positive sentiment.

Tanla Platforms has posted stellar Q3 results a few weeks back. Revenue was up by 35 per cent on YoY, operating profit was up by 65 per cent on YoY, as a result, margins expanded 400 bps. Net profit grew 60 per cent on YoY.

Tanla Platforms is one of the world’s largest CPaaS players, it processes more than 800 billion interactions annually and about 70 per cent of India’s A2P SMS traffic is processed through its distributed ledger platform-Trubloq, making it the world’s largest Blockchain use case.

At 1.15 PM, shares of the company were trading at Rs 1,713, up by 7.2 per cent for the day.