HOV zooms on purchase bid

STOCK IN THE NEWS

The combined volumes on the counter zoomed by 174 per cent. A total of 56,924 equity shares changed hands on the bourses last week compared to 20,743 shares in the previous week.

The company reported 162 per cent rise in consolidated net profit to Rs 54.44 crore (Rs 20.74 crore) for the financial year 2007-08. The consolidated total income for the FY08 climbed 263 per cent to Rs 907.99 crore from Rs 250.33 crore for the corresponding financial year FY07.

The rupee appreciation benefited the company to the tune of Rs 30.99 crore mainly because of its global footprint. The company derives 98 per cent of its revenues from North America, with costs spread globally between the US, Canada, India, China and Mexico.

The company has dollar-denominated borrowings from US institutions, which contributed substantially to the income accruing from foreign exchange gains.

The company is one of the largest end-to-end BPO companies headquartered in Chennai. It provides finance and accounting services in the BFSI, healthcare, government, publishing, retail, commercial and industrial manufacturing industries. Its clients include over 50 per cent of the Fortune 100 companies.