Shares of Tanla Platforms Ltd. hit a 52-week high on Tuesday after it acquired ValueFirst Digital Media Pvt. from U.S.-based communications technology company Twilio Inc.
Tanla Platforms had earlier announced that it had entered into a definitive agreement with Twilio to acquire 100% equity of ValueFirst Digital Media for $42 million or approximately Rs 344.19 crore. The company had also signed a separate binding agreement to acquire 100% stake of ValueFirst Middle East FZC, the Middle Eastern arm of ValueFirst Digital Media, for Rs 20 crore.
Shares of Tanla Platforms rose as much as 6.35% intraday, before paring gains to trade 3.34% high as of 11:34 a.m. This compares to a 0.07% advance in the benchmark Nifty 50. The stock rose the most since June 19.
The total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 74.5, implying that the stock may be overbought.
The three analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 4.1%.
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