Subex surges as board to consider raising of funds

Subex jumped 6.13% to Rs 11.60 at 10:30 IST on BSE after the company said its board will meet on 24 March 2017, to consider the raising of funds on preferential basis.

The announcement was made after market hours yesterday, 21 March 2017.

Meanwhile, the S&P Sensex was down 231.77 points, 0.79% at 29,253.68. The S&P BSE Small-cap index was down 80.16 points or 0.57% at 13,947.77.

High volumes were witnessed on the counter. On the BSE, 15.98 lakh shares were traded on the counter so far as against the average daily volumes of 8.66 lakh shares in the past one quarter. The stock had hit a high of Rs 11.78 and a low of Rs 11.20 so far during the day.

The stock had hit a 52-week high of Rs 14.24 on 11 July 2016 and a 52-week low of Rs 8.25 on 21 November 2016. The stock had underperformed the market over the past one month till 21 March 2017, declining 1.97% compared with the Sensex's 2.52% rise. The scrip had, however, outperformed the market over the past one quarter advancing 14.69% as against the Sensex's 12.36% rise.

The small-cap company has equity capital of Rs 506.91 crore. Face value per share is Rs 10.

Subex said that a meeting of the board of directors of the company is scheduled on 24 March 2017, to consider and approve the raising of funds by way of issue of equity shares on preferential basis.

Subex's consolidated net profit spurted 131.52% to Rs 22.55 crore on 14.9% increase in net sales to Rs 95.78 crore in Q3 December 2016 over Q2 September 2016.

Subex is a leading global provider of business and operations support systems (B/OSS) that empowers communications service providers (CSPs) to achieve competitive advantage through business and capex optimisation - thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.

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