HCL Infosystems spurts after fund buying

HCL Infosystems rose 6.96% to Rs 55.35 at 11:52 IST on BSE after a firm run by independent investor Radhakishan Damani bought 1.80% stake in the company yesterday, 7 October 2015, through bulk deals on BSE and NSE.

Meanwhile, the BSE Sensex was down 217.64 points, or 0.81%, to 26,818.21.

On BSE, so far 28.48 lakh shares were traded in the counter, compared with an average volume of 9.08 lakh shares in the past one quarter.

The stock hit a high of Rs 56.90 and a low of Rs 53.80 so far during the day. The stock hit a 52-week high of Rs 82.70 on 9 October 2014. The stock hit a 52-week low of Rs 30.65 on 16 June 2015.

The stock had outperformed the market over the past one month till 7 October 2015, rising 61.47% compared with 8.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.68% as against Sensex's 4.03% decline.

The small-cap company has an equity capital of Rs 44.58 crore. Face value per share is Rs 2.

Derive Investments, an investment company run by independent investor Radhakishan Damani who is known in India for his stock picks, bought 28.56 lakh shares at Rs 48.90 per share on the NSE. It bought 11.63 lakh shares at Rs 49.85 per share on the BSE yesterday, 7 October 2015.

Shares of HCL Infosystems surged 19.93% at Rs 51.75 yesterday, 7 October 2015.

On a consolidated basis, HCL Infosystems reported net loss of Rs 41.45 crore in Q4 June 2015 lower than net loss of Rs 47.16 crore in Q3 March 2015. Net sales rose 22.48% to Rs 1685.50 crore in Q4 June 2015 over Q3 March 2015.

HCL Infosystems is India's premier IT Services, Solutions & Distribution Company enabling organizations to attain and sustain competitive advantage by leveraging Information and Communication Technologies. It is a leader in IT Services & Solutions with a comprehensive portfolio of capabilities spanning IT & System Integration services and digitally-enabled learning and career development solutions to value-added distribution of Technology & Mobility products.

Powered by Capital Market - Live News