8K Miles Software jumps after mutual fund buys stake

8K Miles Software Services rose 9.07% to Rs 385.95 at 10:05 IST on BSE after Sundaram BNP Paribas Mutual Fund bought 1.74% equity in the company via bulk deal on BSE on Wednesday, 17 September 2014.

Meanwhile, the BSE Sensex was up 198.50 points, or 0.75%, to 26,829.79.

On BSE, so far 44,000 shares were traded in the counter, compared with an average volume of 48,622 shares in the past one quarter.

The stock hit a high of Rs 389 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 361.15 so far during the day. The stock hit a 52-week low of Rs 62.25 on 30 September 2013.

The stock had outperformed the market over the past one month till 17 September 2014, rising 45.71% compared with 2.02% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 122.06% as against Sensex's 4.35% rise.

The small-cap company has an equity capital of Rs 10.04 crore. Face value per share is Rs 10.

On Wednesday, 17 September 2014, Sundaram BNP Paribas Mutual Fund acquired 1.75 lakh shares of 8K Miles Software Services at Rs 331.95 each through bulk deal on BSE.

Shares were acquired from an independent investor, Aruna Srinivasan Iyer, who sold her entire holding of 1.46 lakh shares, or 1.45% equity, in 8K Miles Software Services at Rs 332.46 each through bulk deal on the same day on BSE.

On a consolidated basis, 8K Miles Software Services' net profit surged 173.9% to Rs 3.15 crore on 219.1% increase in net sales to Rs 21 crore in Q1 June 2014 over Q1 June 2013.

8K Miles Software Services offers cloud consulting, engineering and migration services to help companies leverage the power of cloud computing.

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