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Smartlink Network declines on profit booking

Capital Market 

Smartlink Network fell 3.45% to Rs 100.60 at 10:17 on BSE, with the stock sliding on profit booking after witnessing a rally in the previous session.

Meanwhile, the S&P Sensex was down 9.17 points, 0.03% at 29,509.57. The S&P Small-cap index was down 19.49 points or 0.14% at 14,035.50.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 23,142 shares in the past one quarter. The stock had hit a high of Rs 104.65 and a low of Rs 100.50 so far during the day.

The stock had hit a 52-week high of Rs 123.40 on 12 December 2016 and a 52-week low of Rs 76 on 15 November 2016. The stock had outperformed the market over the past one month till 20 March 2017, advancing 9.34% compared with the Sensex's 2.99% rise. The scrip had, however, underperformed the market over the past one quarter declining 2.89% as against the Sensex's 12.2% rise.

The small-cap company has equity capital of Rs 4.51 crore. Face value per share is Rs 2.

Shares of Smartlink Network had jumped 11.15% to settle at Rs 104.20 yesterday, 20 March 2017, triggered by the company's board approving the final application for categorizing the company as a non-banking financial company (NBFC) to be made to the Reserve Bank of India (RBI).

The company's business currently consists mainly of income from investments activities pursuant to transfer of Digisol brand business to Digisol Systems and manufacturing business to Synegra EMS, (wholly owned subsidiaries of the company) respectively. The announcement was made on Friday, 17 march 2017.

Meanwhile, the company on that day had also said that its board has considered and approved the acquisition of Rs 1 crore equity shares aggregating up to Rs 10 crore issued by Digisol Systems, a wholly owned subsidiary of the company in one or more tranches.

Smartlink Network Systems' net profit surged 403.6% to Rs 1.41 crore on 58.2% decline in net sales to Rs 3.05 crore in Q3 December 2016 over Q3 December 2015.

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

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