Meanwhile, the S&P BSE Sensex was up 667.26 points or 1.96% at 34,668.41.

On BSE, so far 53,000 shares were traded in the counter as against average daily volume of 23,000 shares in the past two weeks. The stock hit a high of Rs 37.70 and a low of Rs 33.15 so far during the day.

OnMobile Global announced it has signed a definitive agreement to acquire Appland AB. This acquisition reflects the increasing importance of OnMobile's strategy to become a leader in the fast-growing mobile games market and expands its games footprint to all continents.

Appland AB is a pioneer in cloud-based mobile distribution and monetization company headquartered in Gothenburg, Sweden. Appland provides premium games and kids apps as a white-labeled subscription service to more than 80 carriers in over 40 countries.

OnMobile Global, headquartered in Bangalore and with offices across the globe, delivers over 575 million music plays daily to mobile customers worldwide.