Polaris Financial tumbles as demerger comes into effect

Polaris Financial Technology slumped 14.56% at Rs 211 at 12:26 IST on BSE as the company is undergoing a demerger with effect from today, 9 October 2014.

Meanwhile, the S&P BSE Sensex was up 273.81 points or 1.04% at 26,519.89.

On BSE, so far 67,000 shares were traded in the counter as against average daily volume of 3.83 lakh shares in the past one quarter.

The stock hit a high of Rs 212 and a low of Rs 194.75 so far during the day. The stock had hit a 52-week low of Rs 122.40 on 17 December 2013. The stock had hit a 52-week high of Rs 278 on 23 September 2014.

The stock had outperformed the market over the past one month till 8 October 2014, surging 10.15% as compared to the Sensex's 3.93% fall. The stock had, however, underperformed the market in the past one quarter, advancing 1.23% as compared to the Sensex's 2.6% rise.

The small-cap company has equity capital of Rs 49.87 crore. Face value per share is Rs 5.

Polaris Financial Technology has fixed tomorrow, 10 October 2014 as record date for the purpose of determining the list of shareholders who are entitled to receive the shares in Intellect Design Arena, the resulting company after the demerger.

Polaris Financial Technology's consolidated net profit fell 15.63% to Rs 38.32 crore on 2.84% decline in net sales to Rs 601.78 crore in Q1 June 2014 over Q4 March 2014.

Polaris Financial Technology is a global leader in financial technology for banking, insurance and other financial services.

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