Route Mobile yesterday surged more than 5.63% to Rs.1,162.40 on the BSE and today, it rose 11.5% to an intraday high at Rs.1328.45. Looking at the way the price is galloping, it’s hard to believe that yesterday it had hit a new 52-week low at Rs.1052.60.
The company announced yesterday that its board is considering buyback of shares on 28 June.
Buyback is a smart way of giving back value to the shareholders while reducing floating stock from the market, which in turn leads to an improved EPS and stock price.
And its trading window is closed from 23 June, 2022 till further intimation is submitted to the stock exchanges.
Last month, the company acquired the artificial intelligence-based blockchain and DLT platform of Teledgers Technology for over Rs.130 crore.