OnMobile Global hits the roof on buyback plan

OnMobile Global hit an upper circuit limit of 5% at Rs 69.85 at 10:39 IST on BSE after the company said its board will meet on 11 December 2014, to consider buyback of shares.

Meanwhile, the BSE Sensex was down 8.60 points, or 0.03%, to 28,110.80.

On BSE, so far 2.64 lakh shares were traded in the counter, compared with an average volume of 5.92 lakh shares in the past one quarter.

The stock opened with an upward gap of 5% at Rs 69.85 and remained stuck at that level so far. The stock hit a 52-week high of Rs 73 on 3 December 2014. The stock hit a 52-week low of Rs 25.85 on 30 January 2014.

The stock had outperformed the market over the past one month till 8 December 2014, rising 28.85% compared with 0.90% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 116.78% as against Sensex's 2.93% rise.

The small-cap company has an equity capital of Rs 114.25 crore. Face value per share is Rs 10.

OnMobile Global reported net loss of Rs 1.21 crore in Q2 September 2014 as against net profit of Rs 1.52 crore in Q2 September 2013. Net sales declined 7.81% to Rs 207.45 crore in Q2 September 2014 over Q2 September 2013.

OnMobile Global is headquarted in Bangalore with services in 59 countries on 5 continents. It is a global leader in the delivery of high quality mobile services.

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