Persistent Systems jumps on reports of eyeing $1 billion revenue

Persistent Systems rose 4.40% to Rs 634.75 at 11:12 IST on BSE on reports the company is eyeing $1 billion in revenue and will focus on acquisitions to achieve the target.

Meanwhile, the BSE Sensex was up 15.44 points, or 0.06%, to 24,501.39.

On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 10,821 shares in the past one quarter. The stock hit a high of Rs 639 and a low of Rs 600.05 so far during the day. The stock hit a 52-week high of Rs 947.50 on 4 March 2015. The stock hit a 52-week low of Rs 577 on 29 June 2015. The stock had underperformed the market over the past one month till 25 January 2016, sliding 6.35% compared with 5.24% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 8.45% as against Sensex's 10.87% fall.

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

Persistent Systems' Chairman and Managing Director Anand Deshpande was quoted by media as saying that along with the company's recently-closed acquisition, its revenue is around $361 million a year and the firm is sticking to the target of $1 billion.

Deshpande added that after achieving the billion dollar revenue mark, the company will aspire for the next step, which will be $2 billion in revenues, he reportedly said.

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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