OnMobile Global zooms over 100% in one month

The stock rallied 113% to Rs 63.90 from Rs 30 on October 20, as compared to 6.5% rise in S&P BSE Sensex.

Shares of mobile services provider OnMobile Global has soared 10% to Rs 63.90, also its 52-week high on BSE, on back of heavy volumes.

At 1020 hours, a combined 5.73 million shares representing 5% of total equity of the company have already changed hands against an average sub 5 million shares that were traded daily in past two weeks on BSE and NSE.

In past one month, the stock has zoomed 113% from Rs 30 on October 20, as compared to 6.5% rise in the benchmark S&P BSE Sensex.

Since October 30, it rallied 94% after the company said its cash and cash equivalents position improved to Rs 290 crore in July-September (Q2FY2015) quarter from Rs 146 crore in Q1 FY2015.

This was primarily due to cash proceeds from the sale of Voxmobili, improved collections and better working capital management, it added.

The company said, adjusted for the sale of Voxmobili in Q2 FY2015, revenue increased by 13% q-o-q and 1.9% y-o-y. EBITDA increased significantly by 77.5% q-o-q to Rs 27.8 crore at 13.4% margin (up 552 bps compared with Q1 FY2015).

Meanwhile, in 5 November 2014, Citigroup Global Markets Mauritius had bought 624,679 shares of OnMobile Global at Rs 50.24 through open market purchase, the bulk deal data shows.