GSS Infotech spurts after board OKs raising FII limit

GSS Infotech spurted 8.94% to Rs 50.55 at 11:31 IST on BSE after the company's board approved increasing foreign institutional investors' investment limit in the paid up capital of the company.

The company made the announcement after market hours on Tuesday, 12 November 2013.

Meanwhile, the BSE Sensex was down 23.13 points, or 0.11%, to 20,258.78.

On BSE, 32,000 shares were traded in the counter compared with average volume of 1,650 shares in the past one quarter.

The stock hit a high of Rs 53.60 so far during the day, which is also a 52-week high for the counter. The stock hit low of Rs 46.50 so far during the day. The stock hit a 52-week low of Rs 26.75 on 6 June 2013.

The stock had outperformed the market over the past one month till 12 November 2013, rising 32.19% compared with the Sensex's 1.20% fall. The scrip had also outperformed the market in past one quarter, rising 50.16% as against Sensex's 7.05% rise.

The small-cap IT solutions provider has an equity capital of Rs 14.14 crore. Face value per share is Rs 10.

GSS Infotech said its board approved increasing the investment limit of foreign institutional investors (FII) to 49% of the company's paid up capital from 22% earlier. The board will seek shareholders' approval for the same through postal ballot process.

The company also announced its result after market hours on Tuesday, 12 November 2013. On a consolidated basis, GSS Infotech's net profit fell 44.52% to Rs 3.85 crore on 2.15% fall in total income from operations (net) to Rs 70.16 crore in Q2 September 2013 over Q1 June 2013.

GSS Infotech specialises in remote infrastructure management services, virtualization solutions and application management services.

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