Spice Mobility spurts after incorporating subsidiary in Dubai

Spice Mobility rose 8.43% to Rs 16.85 at 15:00 IST on BSE after the company said it incorporated a subsidiary in Dubai Airport Free Zone for undertaking the business relating to software consultancy and IT related activities.

The announcement was made after market hours yesterday, 20 April 2017.

Meanwhile, the S&P BSE Sensex was down 61.78 points, or 0.21% to 29,360.61.

On the BSE, 81,000 shares were traded in the counter so far, compared with average daily volumes of 15,355 shares in the past one quarter. The stock had hit a high of Rs 18 and a low of Rs 16.32 so far during the day. The stock hit a 52-week high of Rs 21 on 13 December 2016. The stock hit a 52-week low of Rs 12 on 9 May 2016.

The stock had outperformed the market over the past one month till 20 April 2017, rising 12.61% compared with 0.87% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.88% as against Sensex's 8.83% rise.

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

Spice Mobility announced that S Global Services, a foreign subsidiary of Spice Digital, a subsidiary of the company, has incorporated 'Spice Digital FZCO', a 100% foreign subsidiary, in Dubai Airport Free Zone, for undertaking the business relating to software consultancy and IT related activities. Consequently, Spice Digital FZCO has become a step-down foreign subsidiary of the company.

Spice Mobility reported net loss of Rs 6.36 crore in Q3 December 2016 as against net loss of Rs 20.46 crore in Q3 December 2015. Net sales declined 36.50% to Rs 256.79 crore in Q3 December 2016 over Q3 December 2015.

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

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