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Subex jumps after clarification

Capital Market 

Subex was locked at 5% upper circuit at Rs 10.05 at 14:26 IST on BSE after the company issued a clarification with regard to media news item.

The clarification was issued during market hours today, 10 July 2014.

Meanwhile, the S&P BSE Sensex was up 400.65 points or 1.57% at 25,845.46.

On BSE, so far 2.47 lakh shares were traded in the counter as against average daily volume of 3.30 lakh shares in the past one quarter.

The stock opened with an upward gap surging by the maximum permissible level of 5% and remained locked at 5% level at Rs 10.05 so far in the day. The stock had hit a 52-week high of Rs 13.30 on 23 May 2014. The stock had hit a record low of Rs 4.41 on 2 August 2013.

The stock had underperformed the market over the past one month till 9 July 2014, declining 22.18% compared with the Sensex's 0.53% fall. The scrip had also underperformed the market in past one quarter, sliding 6.45% as against Sensex's 12.08% rise.

The small-cap company has equity capital of Rs 169.10 crore. Face value per share is Rs 10.

Subex issued a clarification with regard to news item titled "Global Tech Cos PCCW, WeDo Eye Subex", that the news items are baseless and unfounded rumors which the company denies vehemently and that such negotiations/talks with the said "PCCW" or "WeDo" were never taking place.

Subex reported a consolidated net loss of Rs 12.16 crore in Q4 March 2014, higher than net loss of Rs 8.44 crore in Q3 December 2013. Net sales declined 6.59% to Rs 85.41 crore in Q4 March 2014 over Q3 December 2013.

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

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First Published: Thu, July 10 2014. 14:25 IST