Subex share price hit 20 per cent upper circuit at Rs 33.30 apiece on BSE on Wednesday, after the company announced that Reliance Jio Platforms has partnered with Subex HyperSense AI to augment its 5G product line. The stock has plunged 45 per cent from its 52-week high of 62.50 touched last year. In the last one month stock has risen 36 per cent, and 26 per cent in the last five days. The company in a press release said that Jio Platforms will offer its cloud native 5G core to telcos globally along with Subex’s HyperSense for enabling closed loop network automation, product performance and customer experience analytics.
Analysts say that at present, the technology sector seems to be growing tremendously. “Subex sees a lot of opportunity to grow. Subex stock has the potential to touch the levels of Rs 35-37 in near term,” Ravi Singh, VP & Head of Research, Share India Securities, told FinancialExpress.com. Subex’ HyperSense platform enables AI driven real time analytics across the 5G systems (Edge/Access/Transport/Core Networks) critical for superior customer experience, efficient operations and overall business profitability. Since April 2020, Reliance Industries (RIL) has raised Rs 1.52 lakh crore ($20 billion) by selling 32.97 per cent equity stake in Jio Platforms.
In the traded volume terms, a total of 25 lakh shares have exchanged hands on BSE, while 93.60 lakh shares traded on the NSE, so far in the day. Even though Subex has moved up considerably today due to its partnership with Reliance Jio, the stock is now overbought on the charts, said an analyst. “Investors are advised to keep booking profits at current levels and wait for a dip near 26-28 to initiate fresh buy positions for targets of 38 & even 42 in the coming weeks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com.
The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.