Route Mobile hits record high; soars 38% in five days

Route Mobile hit an upper circuit of 10% at Rs 1095.85, extending its winning run to fifth consecutive trading session.

The counter has jumped 38% in five days from its recent closing low of Rs 795.30 on 26 October 2020. The counter hit a record high of Rs 1,095.85 in intraday today.

The stock saw a strong demand after the company posted stellar Q2 September 2020 results on 28 October 2020. The company's consolidated net profit surged 157.8% to Rs 32.87 crore on 77.7% increase in net sales to Rs 349.28 crore in Q2 FY21 over Q2 FY20.

Profit before tax in Q2 September 2020 stood at Rs 39.37 crore, up 151.2% over Rs 15.67 crore in Q2 September 2019.

Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO).

Shares of Route Mobile were listed on 21 September 2020 at Rs 708, a premium of 102% to the initial public offer (IPO) price of Rs 350 a share. From its IPO price, the stock is currently up 213%.

The IPO of Route Mobile was subscribed 73.30 times. The issue opened for bidding on 9 September 2020 and closed on 11 September 2020. The price band for the IPO was set at Rs 345-350 per share.

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