Shares of Subex moved higher by 14 per cent to Rs 59.90 on the BSE in intra-day trade on Tuesday, up 32 per cent in the past two trading days, ahead of the new product launch on Thursday, April 22.
The stock of the information technology (IT) software products company was trading at its fresh 52-week high level. In the past one month, it has rallied 65 per cent as compared to a 3.5 per cent decline in the S&P BSE Sensex. The counter has seen huge trading activity with a combined 34.5 million equity shares having changed hands on the NSE and BSE till 11:27 am.
Subex on Monday, April 19, informed the stock exchanges that the company will be launching a new AI automation platform on Thursday, April 22, 2021, and specific details of the same will be unveiled on the launch day.
Further, we have started certain promotional campaigns and teasers on social media websites, which will continue till the day of the launch of the platform, it said.
Subex is involved in helping global communications service providers maximise their revenues and profitability. Subex leverages product portfolio in areas such as revenue assurance, fraud management, network analytics, and partner management, and complements them through its digital solutions such as Internet of Things (IoT) security and insights. Subex also offers scalable managed services and business consulting services.
For the first nine months ended December 2020 (9MFY21), Subex had reported a 119 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 36.1 crore on the back of strong operational performance. The management said the company is seeing steady progress in new project initiation from its customers and has won several contracts around core portfolio from some of the largest names in the telecom world, including Telefonica and Saudi Telecom Company.
The company has a cash balance of over Rs 160 crore as against a huge debt just a few years back, which is encouraging. We are excited at the prospect of the upcoming launch of the Augmented Analytics platform, which will revolutionise how enterprises adopt Artificial Intelligence, the management said while announcing its December quarter results on February 1.