Persistent Systems hits record high

Persistent Systems rose 2.64% to Rs 660.05 at 14:52 IST on BSE after the company said it has opened its first US-based collaborative software product development center in Dublin, Ohio.

The announcement was made after market hours on Thursday, 3 October 2013.

Meanwhile, the S&P BSE Sensex was up 11.15 points or 0.06% at 19,913.22.

On BSE, 10,000 shares were traded in the counter as against average daily volume of 5,352 shares in the past one quarter.

The stock hit a high of Rs 677.45 so far during the day, which is a record high for the counter. The stock hit a low of Rs 645 so far during the day. The stock had hit a 52-week low of Rs 408.60 on 10 October 2012.

The stock had outperformed the market over the past one month till 3 October 2013, surging 10.19% compared with the Sensex's 9.14% rise. The scrip had also outperformed the market in past one quarter, jumping 32.7% as against Sensex's 3.78% rise.

The small-cap software firm has equity capital of Rs 40 crore. Face value per share is Rs 10.

With over 85% of Persistent Systems' business coming from US clients, the establishment of a domestic collaborative software development center allows the company to further strengthen and expand its relationships with regional companies in delivering next generation cloud computing, analytics, mobility and social collaboration solutions, the company said in a statement. The company said it will begin hiring immediately for 56 positions and plans to scale up to 100 employees at this site.

Hari Haran, President of Persistent Systems, Inc. said,"As a global company, domestic sourcing or onshoring plays a strategic role in strengthening our long term partnerships with our clients. Now with our collaborative software development center, we can be even closer to our clients to deliver even higher value cutting edge solutions and accelerating time to market."

Persistent Systems' consolidated net profit rose 10.04% to Rs 57.10 crore on 6.98% growth in net sales to Rs 357.29 crore in Q1 June 2013 over Q4 March 2013.

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

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