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KPIT gains after taking strategic stake in automotive firm

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KPIT Technologies rose 1.63% to Rs 134.10 at 11:07 on after the company said it has completed agreement for a strategic partnership in a headquartered engineering services company.

The announcement was made during market hours today, 1 December 2016.

Meanwhile, the S&P Sensex was up 24.04 points or 0.09% at 26,676.85.

On the BSE, 57,000 shares were traded on the counter so far as against average daily volume of 1.15 lakh shares in the past one quarter. The stock had hit a high of Rs 135.80 and a low of Rs 131.50 so far during the day. The stock had hit a 52-week high of Rs 196.60 on 21 June 2016. The stock had hit a 52-week low of Rs 108.45 on 12 February 2016. The stock had underperformed the market over the past one month till 30 November 2016, declining 7.73% compared with the Sensex's 4.57% fall. The scrip had, however, outperformed the market in past one quarter, advancing 3.33% as against the Sensex's 5.96% fall.

The small-cap company has equity capital of Rs 39.50 crore. Face value per share is Rs 2.

The fixed consideration will be euro 9.3 million. The total consideration will include additional variable consideration, which is based on achievement of certain financial parameters over the next 4 years. The strategic partner, MicroFuzzy, has over 20 plus years of proven engineering expertise on Powertrain systems and Drivetrain Electronics. This partnership gives KPIT access to around 150 plus specialized engineers.

KPIT Technologies' consolidated net profit rose 2.05% to Rs 56.18 crore on 3.3% rise in net sales to Rs 829.47 crore in Q2 September 2016 over Q1 June 2016.

KPIT is a global technology company focused on providing technology solutions and expertise to automotive and transportation companies, government bodies, manufacturing, energy and utilities companies.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 11:02 IST