BGL spikes up

Brightcom Group Ltd (BGL), is a Hyderabad based digital marketing company and it is among the top five gainers on the BSE today afternoon.

The stock, which had closed yesterday at Rs.36.30, opened today at Rs.37.40 and rose further to an intraday high at Rs.41.30. Its 52-week high is at Rs.122.88.

The main reason why we are seeing so much traction in this stock is because, starting Monday, the BSE revised its circuit filter, from earlier 5% to 20%.

The company also announced on 12th, Wednesday afternoon that its Board is scheduled to meet on 17th of Oct for (i) Inorganic transaction with US-based Digital Audio Firm In February 2022, Brightcom announced the signing of a Letter of Intent (LOI) with a US-based digital audio firm. The company has done the necessary due diligence and the definitive agreement in this regard will be reviewed. (ii) Settlement agreement with Daum Communication. An agreement to settle the outstanding dispute with Daum Communication with respect to the acquisition deal of Lycos Inc. will be reviewed.

Last month the company opted against completing the Rs.566 crore acquisition of MediaMint and decided to instead form a strategic partnership with it.