Shares of mobile data services provider, Motricity, Inc. (Nasdaq: MOTR) soared as much as 22 percent from Tuesday’s closing price, in morning trading on Wednesday. This marks the second day Motricity shares rose,  after the company announced through a regulatory filing, that it signed an agreement to roll out its mCore service with Indian wireless carrier Reliance Communications Ltd.

Motricity was up as much as 40 percent from Monday’s closing price, on Tuesday.
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Motricity said the service, which lets wireless carriers get their users onto the Internet via mobile devices such as cell phones, will be used for Reliance’s mobile data services business.

At the time Motricity filed its IPO in January, the company had already generated more than $100 million in revenue in 2008. And although it was not yet profitable, was expecting to raise as much as $250 million from investors in its IPO. Ultimately, Motricity ended up settling on a much lower $50 million to close the deal.

Motricity trimmed its 2009 net loss to $16 million, down from $78 million in 2008. Revenue for 2009 clocked in at $113 million.

Although the company did not disclose financial terms of the Reliance deal, Baird analyst William V. Power called the deal “significant.”

“While the overall revenue opportunity is lower in India vs. developed markets, we expect that to change as data penetration improves,” he wrote in a note to investors.

Using Vodafone India as a proxy, Power estimated that the deal could add $15.2 million to $30.8 million to Motricity’s annual revenue.