Polaris gains 23.41% in four days on foreign fund buying

Polaris Financial Technology surged 6.21% to Rs 259.10 at 15:07 IST on BSE, with the stock extending recent upmove triggered by a foreign fund buying 0.54% stake in the software firm last week.

Meanwhile, the S&P BSE Sensex was down 177.80 points or 0.7% at 25,404.31

On BSE, so far 14.02 lakh shares were traded in the counter as against average daily volume of 3.22 lakh shares in the past one quarter.

Polaris Financial Technology hit a 52-week high of Rs 266.80 in intraday trade today, 9 July 2014. The stock hit a low of Rs 245 so far during the day. The stock hit a 52-week low of Rs 97.35 on 31 July 2013.

The stock had outperformed the market over the past one month till 8 July 2014, rising 14.67% compared with 0.73% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 22.4% as against Sensex's 14.49% rise.

The small-cap company has an equity capital of Rs 49.83 crore. Face value per share is Rs 5.

Shares of Polaris Financial Technology are on a roll recently, surging 23.41% in four trading days from a recent low of Rs 209.95 on 3 July 2014.

A foreign fund Quoniam Funds Selection SICAV Emerging Markets Equities MinRisk bought 5.47 lakh shares or 0.54% stake in Polaris Financial Technology at an average price of Rs 225.99 per share in a bulk deal on NSE on Friday, 4 July 2014. The stock jumped 10.65% to settle at Rs 232.30 on Friday, 4 July 2014.

On consolidated basis, Polaris Financial Technology's net profit declined 10.52% to Rs 45.42 crore on 0.83% growth in net sales to Rs 619.39 crore in Q4 March 2014 over Q3 December 2013.

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

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