Geometric Software lifted by US acquisition

DALAL STREET SPIKES

Mid-cap IT company Geometric Software spurted on US acquisition move. The stock of IT company was up 8.79 per cent to Rs 395.45 after hitting an intra-day high of Rs 398.90. More than 47,000 shares changed hands at the counter on BSE on Wednesday.

Market analysts said, while tech stocks have witnessed renewed buying, proposed US acquisition by Geometric Software, spurted the stock in Wednesday's trading. The buying was more news-based as the stock slipped from its day's high.

Geometric and OnCourse Technologies, Inc (OnCourse), a company based in Wisconsin, US, have signed a term sheet whereby Geometric intends to acquire 100 per cent holding each of Teksoft, Inc, and Cimtronics Inc. Both companies are based in Arizona, US.

Other details of this deal are being worked out and are expected to be finalised within the next 60 days, the company said.