Shares of Spice Lounge hit a 5 per cent upper circuit as benchmark indices Sensex and Nifty rally in todays trading session amid steady buying by domestic institutional investors. The stock opened in the red at Rs 37.58 against the previous close of Rs 37.97 on the BSE. Amid a spurt in trading volume by more than 2.89 times and gained nearly 5 per cent to hit the upper circuit of Rs 39.86. The market cap of the company stood at Rs 2778.73 crore.

The stock has a 52-week high of Rs 72.20 and a 52-week low of Rs 7.69. The action in the stock comes after six days of consecutive falls. Technically the stock is trading higher than the 200-day moving averages but lower than the 5-day 20-day 50-day and 100-day moving averages.

Meanwhile the company announced the acquisition of 100 per cent stake in Singapore-based Prisha Infotech for USD 150000 signaling a strategic step towards expanding its technological capabilities and market reach.

The integration of Prisha Infotech’s software development and programming capabilities will strengthen the Company’s digital foundation and enable access to international markets through Singapore the company said.

Meanwhile benchmark indices Sensex and Nifty began Fridays trading session on an optimistic note as steady buying by domestic institutional investors and a rally in blue-chip Reliance Industries drove the stock markets higher in early trade.

The 30-share BSE Sensex climbed 158.19 points to 85346.79 in early trade. The 50-share NSE Nifty went up by 55.8 points to 26202.35.

From the 30-Sensex firms Asian Paints Maruti Bharat Electronics NTPC Mahindra & Mahindra Reliance Industries Bajaj Finance and Tata Motors Passenger Vehicles were among the biggest gainers.