Spice Mobility advances as subsidiary divests stake in associate firm

Spice Mobility gained 2.21% to Rs 27.75 at 10:23 IST on BSE after the company announced that its subsidiary has executed share purchase agreement.

The announcement was made after trading hours yesterday, 9 January 2018.

Meanwhile, the S&P BSE Sensex was up 26.32 points or 0.08% at 34,469.51. The S&P BSE Small-Cap index advanced 78.86 points or 0.4% at 19,990.03, outperforming the Sensex.

On the BSE, 21,900 shares were traded on the counter so far as against the average daily volumes of 23,403 shares in the past one quarter. The stock had hit a high of Rs 29 and a low of Rs 27.40 so far during the day. The stock had hit a 52-week high of Rs 33.60 on 18 July 2017 and a 52-week low of Rs 13.07 on 8 June 2017.

The stock had outperformed the market over the past one month till 9 January 2018, gaining 29.9% compared with 3.59% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.29% as against Sensex's 8.15% rise. The scrip had also outperformed the market in past one year, jumping 77.45% as against Sensex's 28.87% rise.

The small-cap company has equity capital of Rs 68.36 crore. Face value per share is Rs 3.

Spice Mobility said that its subsidiary Spice Digital (SDL) has divested its entire equity stake in Sunstone Eduversity (Eduversity) pursuant to a share purchase agreement entered into by them. Further, Eduversity has ceased to be an associate of SDL.

On a consolidated basis, Spice Mobility reported net loss of Rs 11.62 crore in Q2 September 2017 compared with net loss of Rs 4.58 crore in Q2 September 2016. Net sales fell 21.9% to Rs 175.83 crore in Q2 September 2017 over Q2 September 2016.

Spice Mobility is engaged in the trading of mobile handsets, information technology (IT) products and their accessories.

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