Kellton Tech Solutions hits new high; surges over 50% in one month

Since December 3, the stock zoomed 64% as compared to 3% fall in the S&P BSE Sensex.

Shares of Kellton Tech Solutions were trading higher by 3% to Rs 226, also its record high on the BSE, in an otherwise weak market.

The trading volumes on the counter jumped over three-fold with around 322,000 shares changed hands till 11:21 a.m. on the BSE.

The stock of small-sized information technology (IT) company gained 26% in past one week after its board approved the allotment of three million equity shares pursuant to conversion of three million warrants to persons belonging to the promoter group and non-promoter group.

Since December 3, it zoomed 64% from Rs 138 as compared to 3% fall in the S&P BSE Sensex. On December 10, the company announced its expansion into Europe with a new office in Ireland.

Kellton Tech in August last year said that it targets Rs 2,000 crore annual revenue in the next three years. This growth will be accomplished by strategic acquisitions; restructuring and consolidating its business units to optimise its global business and building strong tiers of middle and senior management across functional domains.

The company had reported 206% year-on-year (YoY) growth in consolidated net profit at Rs 9.57 crore for the first quarter ended September 2015 on back of strong operational income. It had profit of Rs 3.13 crore in the same quarter previous year. Income from operations rose 160% at Rs 110 crore on YoY basis.