Financial Technologies up on robust Q1 numbers

Net profit for the June quarter was up 58% to Rs 128 crore compared to same quarter last year

Shares of Financial Technologies were up over 2% at Rs 274 after the company late Wednesday reported strong set of earnings for the first quarter ended June 30, 2014.

Net profit for the first quarter ended June 30, 2014 stood at Rs 128 crore, up 58% compared to Rs 81 crore in the same quarter of the previous fiscal.

However, the net profit was driven by one-time gain of Rs 172 crore on stake sale of MCX.

Total Income during the quarter under review was higher by 27% at Rs 216 crore compared with Rs 170 crore in the corresponding quarter last year, the company said in a release.

Further, the board at its meeting held on August 13, declared its first interim dividend of Rs 2 per equity share. The payment of the first interim dividend shall be made on September 05, 2014, the release said.

The stock opened at Rs 271 and touched a high of Rs 279 in intra-day trades. Over 450,000 shares were traded so far on both the stock exchanges.