Spice Mobility hits 20% upper circuit on delisting plans

Spice Mobility hit 20% upper circuit at Rs 26.40 at 12:00 IST on BSE after company said that a meeting of the board of directors of the company will be held on 2 January 2015 to consider the proposal of voluntary delisting of shares from NSE and BSE.

The company made announcement before market hours today, 29 December 2014.

Meanwhile, the S&P BSE Sensex was up 195.10 points or 0.72% at 27,436.88.

On BSE, so far 80,772 shares were traded in the counter as against average daily volume of 7,472 shares in the past one quarter.

The stock hit a high of Rs 26.40 and a low of Rs 25.20 so far during the day. The stock hit a 52-week high of Rs 43 on 11 June 2014. The stock hit a 52-week low of Rs 20 on 22 December 2013.

The stock had underperformed the market over the past one month till 26 December 2014, declining 13.39% compared with Sensex's 4.03% fall. The scrip had also underperformed the market in past one quarter, falling 27.39% as against Sensex's 2.31% rise.

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

Spice Mobility said that a meeting of the board of directors of the company will be held on 2 January 2015, inter alia, to consider the proposal received from 'Smart Ventures Private Limited', the promoter of the company, to voluntarily delist the shares of the company from the National Stock Exchange of India and BSE i.e. both recognized stock exchanges, where the equity shares of the company are presently listed in accordance with the provisions of SEBI (delisting of equity shares) Regulations, 2009 and other applicable laws, if any.

Spice Mobility reported consolidated net loss of Rs 13.32 crore in Q1 September 2014 compared with consolidated net profit of Rs 8.12 crore in Q1 September 2013. Total income rose 2% to Rs 548.61 crore in Q1 September 2014 over Q1 September 2013.

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