Persistent Systems gains after acquiring PRM Cloud Solutions

Persistent Systems rose 1.52% to Rs 608.80 at 11:24 IST on BSE after the company said it signed an agreement to acquire assets of Australia-based salesforce implementation services provider.

The announcement was made after trading hours yesterday, 14 March 2016.

Meanwhile, the BSE Sensex was down 135.51 points, or 0.55%, to 24,668.77.

On BSE, so far 8,908 shares were traded in the counter, compared with an average volume of 10,030 shares in the past one quarter. The stock hit a high of Rs 617.95 and a low of Rs 605.10 so far during the day. The stock hit a 52-week high of Rs 820 on 20 May 2015. The stock hit a 52-week low of Rs 562.50 on 12 February 2016. The stock had underperformed the market over the past one month till 14 March 2016, rising 1.72% compared with 7.91% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.53% as against Sensex's 1.38% fall.

The mid-cap company has an equity capital of Rs 80 crore. Face value per share is Rs 10.

Persistent Systems said that on 14 March 2016 it signed an agreement to acquire assets of PRM Cloud Solutions, an Australia-based company engaged in salesforce implementation services. PRM Cloud Solutions is a subsidiary of Datetix Group, a company listed on Australian Securities Exchange (ASX).

On consolidated basis, Persistent Systems' net profit rose 7.85% to Rs 77.49 crore on 9.09% growth in net sales to Rs 592.07 crore in Q3 December 2015 over Q2 September 2015.

Persistent Systems is a global company specializing in software product and technology services.

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