Mindteck (India) gains after signing MoU with Alafdaliyah Group

Mindteck (India) rose 2.91% to Rs 162.60 at 11:16 IST on BSE after the company said it has signed a memorandum of understanding with Alafdaliyah Group for providing IT products and services.

The announcement was made during market hours today, 21 December 2015.

Meanwhile, the S&P BSE Sensex was up 107.43 points or 0.42% at 25,626.65.

On BSE, so far 49,000 shares were traded in the counter as against average daily volume of 1.04 lakh shares in the past one quarter.

The stock hit a high of Rs 163.90 and a low of Rs 155.90 so far during the day. The stock had hit a 52-week high of Rs 194 on 30 November 2015. The stock had hit a 52-week low of Rs 54 on 7 September 2015.

The stock had outperformed the market over the past one month till 18 December 2015, surging 31.67% compared with Sensex's 0.14% rise. The scrip had also outperformed the market in past one quarter, jumping 169.85% as against Sensex's 2.67% fall.

The small-cap company has equity capital of Rs 25.14 crore. Face value per share is Rs 10.

Mindteck (India) announced signing a memorandum of understanding (MoU) with Alafdaliyah Group to provide IT products and services, skilled IT resources and offshore services from the company's two development centers in India. Alafdaliyah Group is a well-known business house in Saudi Arabia.

On consolidated basis, Mindteck (India)'s net profit rose 69.2% to Rs 8.46 crore on 2.08% decline in net sales to Rs 78.52 crore in Q2 September 2015 over Q1 June 2015.

Mindteck is a global technology company providing product engineering solutions and IT services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities worldwide.

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