MindTree gains after completing acquisition of Relational Solutions Inc

MindTree rose 4.64% to Rs 1,338.55 at 13:30 IST on BSE after the company said that it has completed acquisition of Relational Solutions Inc.

The company made the announcement during market hours today, 26 August 2015.

Meanwhile, the BSE Sensex was down 74.13 points, or 0.28% to 25,958.25.

On BSE, so far 15,627 shares were traded in the counter, compared with an average volume of 16,852 shares in the past one quarter.

The stock hit a high of Rs 1,357.25 and a low of Rs 1,265 so far during the day. The stock had hit a record high of Rs 1,589.10 on 9 April 2015. The stock had hit a 52-week low of Rs 967 on 17 October 2014.

The stock had outperformed the market over the past one month till 25 August 2015, rising 0.78% compared with 7.4% fall in the Sensex. The stock had however underperformed the market in past one quarter, declining 10.79% as against Sensex's 5.83% decline.

The mid-cap IT services company has an equity capital of Rs 83.83 crore. Face value per share is Rs 10.

MindTree said that it has completed the closing conditions and obtained necessary regulatory approvals with respect to the acquisition of entire ownership interest in Relational Solutions, Inc., a US based IT solutions provider specializing in technology services to the consumer goods industry.

MindTree had on 16 July 2015 announced the acquisition of 100% of the equity interest in Relational Solutions, Inc in an all cash transaction for $10 million. The consideration includes an upfront payment of $7 million and earn out of $3 million payable over the next two years.

Mindtree's consolidated net profit rose 7.38% to Rs 138.20 crore on 7.43% rise in total income to Rs 1019 crore in Q1 June 2015 over Q4 March 2015.

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