OnMobile jumps up over 8%

OnMobile Global is on the surge today. From yesterday’s close of Rs.32.80, it opened at Rs.33.55, going on to hit an intra day high at Rs.36 and currently hovers around the same levels, up over 8.5%.

The company declared its Q2FY15 numbers yesterday. Its net profit declined 20% (YoY) at Rs.1.2 crore and revenue rose 13% at Rs.207 crore. The numbers were not enthusing but today, it is rising along with all the other IT and Teck stocks; moving along with the momentum. And the market has also probably decided to look at the improvement in its cash position, up from Rs.146 crore to Rs.290 crore and celebrate that. This jump in cash was the money it received from sale of Voxmobili.