Route Mobile zooms over 20 per cent from its low; heres why!
The stock registered its highest single-day volume since May 15.
Over the last couple of trading sessions, the Indian benchmark indices staged a smart recovery, in which, many of the stocks have registered robust gains. One such stock that we are going to discuss here is Route Mobile.
The stock of Route Mobile hit a fresh 52-week low of Rs 1,052 on June 23, 2022, and it appeared as if the stock would continue to go down the hill, as it’s said, ‘never mistake the bottom of the chart as the support for the price’. However, in the case of Route Mobile, the bottom price proved to be a support and the stock witnessed strong buying interest.
Buying interest was so vocal that the stock had gained over 20 per cent from the low of June 23. More importantly, on June 23, the stock registered its highest single-day volume since May 15.
So, what changed the fate of the stock? It was the news that a meeting of the company's board of directors is scheduled to be held on June 28, 2022, to consider a proposal for the buyback of fully paid-up equity shares of the company.
On an MTD basis, the stock has delivered a negative return of nearly 7 per cent while on a YTD basis, it went down by a staggering 25.5 per cent.