Shares of Brightcom Group rally after the announcement of a joint venture!

The transaction is expected to significantly benefit Brightcom's standalone (parent) numbers while offering a capital-light growth model for the group.

The shares of Brightcom Group Ltd, an S&P BSE 500 company, are buzzing on the bourses today. As of 12.30 pm, the shares of the company are trading higher by 3.56%.  Owing to this, the stock is one of the top gainers on BSE from Group A. Even in the pre-opening session today, Brightcom Group Ltd climbed 7.13% to trade at Rs 28.55 apiece.

Meanwhile, the frontline index S&P BSE Sensex is down by 0.05%.

Reasons for the rise 

This surge comes after Brightcom and Consumable, Inc, USA, signed a definitive agreement to form a joint venture to offer Audio Advertising Solutions. The transaction is expected to significantly benefit Brightcom's standalone (parent) numbers while offering a capital-light growth model for the group.

The joint venture aims to revolutionize the USD 30 billion Out-of-Home (OOH) Audio Advertising industry by introducing innovative solutions that utilize cutting-edge technology and offer unique user experiences.

Moreover, the company's board meeting is set to be held tomorrow. In this meeting, the board shall, inter-alia, consider and approve the unaudited financial results of the company (Standalone & Consolidated) for the quarter & nine months ended December 31, 2022.

About Brightcom Group Limited 

Brightcom Group Limited is engaged in Ad-tech, New Media and IoT-based businesses across the globe, primarily in the digital eco-system. Brightcom's consumer products division is focused on IoT. Its LIFE product is dedicated to the future of communication and information management in which everyday objects will be connected to the internet, also known as the Internet of Things (IoT).

Stock price movement

Today, the scrip opened at Rs 28.55 and has touched a high and low of Rs 28.90 and Rs 27.50, respectively. So far _ shares have been traded on the bourses. The stock has a 52-week high & low of Rs 109.80 and Rs 23.90 respectively on BSE. The company is a constituent of Group A stocks and commands a market capitalization of Rs 5,630 crore.