CRISIL gains after entering agreement to acquire Pragmatix Services

CRISIL rose 1.25% to Rs 1,822 at 14:02 IST on BSE after the company entered into a definitive agreement to acquire 100% stake in Pragmatix Services for a consideration not exceeding Rs 56 crore.

The announcement was made after market hours yesterday, 15 November 2017.

Meanwhile, the S&P BSE Sensex was up 268.64 points, or 0.82%, to 33,029.36

On BSE, so far 2,552 shares were traded in the counter, compared with an average daily volume of 6,596 shares in the past one quarter. The stock hit a high of Rs 1,825.35 and a low of Rs 1,783 so far during the day. The stock hit a 52-week high of Rs 2,325 on 22 November 2016. The stock hit a 52-week low of Rs 1,752.45 on 3 October 2017.

The stock had underperformed the market over the past one month till 15 November 2017, falling 3.77% compared with the Sensex's 1.01% rise. The scrip also underperformed the market over the past one quarter, declining 1.67% as against the Sensex's 4.17% rise. The scrip had also underperformed the market over the past one year, sliding 16.62% as against the Sensex's 16.49% rise.

The large-cap company has an equity capital of Rs 7.17 crore. Face value per share is Re 1.

CRISIL said it entered into a definitive agreement to acquire 100% of the equity shares of Pragmatix Services. The parties expect to close the transaction during the first quarter of 2018. Pragmatix's founders and their team will join CRISIL post the completion of the transaction. The transaction is at a total consideration of upto Rs 56 crore. The acquisition is subject to regulatory approvals and other customary closing conditions.

The acquisition will strengthen the company's position as an agile, innovative and global analytics company, CRISIL said. It will also enable the company to leverage its deep domain expertise and enhance its business intelligence, analytics, and risk management offerings for financial sector clients in India and globally, the company said.

Pragmatix is a data analytics company providing solutions in the 'data to intelligence' lifecycle to the Banking, Financial Services & Insurance (BFSI) vertical.

CRISIL's consolidated net profit slipped 0.77% to Rs 69.42 crore on 2.98% rise in total income to Rs 413.68 crore in Q3 September 2017 over Q3 September 2016.

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services.

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