Infotech Enterprises hits new high on heavy volumes

The stock has surged 5% to Rs 321 in early morning deals on the BSE.

Infotech Enterprises has surged 5% to Rs 321, also its record high on the BSE, on heavy volumes. A combined 1.06 million shares have already changed hands in early morning deals, as against an average of less than 200,000 shares that were traded daily in past two weeks.

At 0915 hours, around 550,000 equity shares of the company changed hands at price of Rs 314.70 per share, the BSE data shows. Meanwhile, the stock of the company engaged in engineering services and solutions firm has outperformed the market by surging 31% in past one month compared to 3.8% rise in S&P BSE Sensex.

Since October 17, the stock has rallied 43% after the company reported highest ever revenue in a single quarter for the quarter ended September 2013. Its net profit, highest in a quarter for the company, went up by 33% quarter-on-quarter (q-o-q) at Rs 72.5 crore in the quarter. The company’s operating and net profit margin improved by 323 bps and 198 bps q-o-q, respectively.