This smallcap IT stock has made it big on Dalal Street today!
Subex Ltd has jumped over 6.5 per cent as it strengthens ties with Ethio Telecom
Subex Ltd has made created a buzz on Dalal Street today as the stock has soared 6.5 per cent on the BSE. It opened at Rs 43.5 and was trading flat until noon, but then it spiked to create the day’s high of Rs 46.45.
The company has announced a partnership with Ethio Telecom, the leading telecom operator in Ethiopia, to provide its Business Assurance solution on its Enterprise AI platform, HyperSense. Right after the news was disseminated through a press release, the stock suddenly picked its pace to hit the top gainers list on the BSE.
The stock had attracted bears for quite some time. Its Q3 results were not encouraging for the shareholders. It witnessed a dip of 76.12 per cent in its profitability when compared to the same quarter last year to reach Rs 2.08 crore. Even the sales were down by 6.54 per cent from Rs 93.88 crore in Q3 FY21 to Rs 87.74 crore in Q3 FY22. As a result, the stock had fallen by about 11 per cent in the past week.
The stock has a 52-week high of Rs 74.45 and a 52-week low of Rs 24.60.