Shares of Route Mobile rose nearly 12% today after the company said its promoter entity Proximus Global signed a pact with Nokia. Route Mobile shares touched an intraday high of Rs 1119.90 rising 11.69% against the previous close of Rs 1002.65 on BSE. Earlier, the stock opened higher at Rs 1024.05. Total 1.3 lakh shares of the firm changed hands amounting to a turnover of Rs 12.27 crore on BSE. Market cap of the firm rose to Rs 6,560 crore on BSE.
Route Mobile shares are trading higher than the 5 day and 10 day moving averages but lower than 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
The shares have lost 34.72% in one year and fallen 26% since the beginning of this year.
Under the pact, the two companies will explore opportunities that utilise their respective strengths in network API solutions to support developers as they create new applications for enterprises.
"The collaboration aims to expose Proximus Global and Nokia APIs on each other’s marketplaces, bridging the gap between the various industry segments and the telecom ecosystem to offer network APIs to help developers create enterprise applications," Route Mobile said in an exchange filing.
Christophe Van De Weyer, Chief Product Officer at Proximus Global, and CEO of Telesign said, “Proximus Global has traditionally offered a rich set of communication API through our CPaaS offering. We aim now to complement these with network API to allow enterprise and developers to easily access network capabilities. Our collaboration with Nokia will strengthen our API capabilities, and the work we are doing with developers, all with the aim of providing Proximus Global enterprise and wholesale customers with new, value-added solutions.”
A cloud communications platform service provider, Route Mobile's clientele includes enterprises, over-the-top (OTT) players, and mobile network operators. Its portfolio includes solutions in messaging, voice, email, SMS filtering, analytics, and monetisation, with client base across segments such as social media companies, banks, and financial institutions, e-commerce entities, and travel aggregators.