Polaris hits 52-week high on foreign fund buying

Polaris Financial Technology advanced 3.66% to Rs 240.80 at 14:13 IST on BSE after a foreign fund bought 0.54% stake in the software firm on Friday, 4 July 2014.

Meanwhile, the S&P BSE Sensex was up 82.18 points or 0.32% at 26,044.24

On BSE, so far 7.61 lakh shares were traded in the counter as against average daily volume of 2.84 lakh shares in the past one quarter.

Polaris Financial Technology hit a 52-week high of Rs 243.40 in intraday trade today, 7 July 2014. The stock hit a low of Rs 232.30 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 4 July 2014, rising 12.74% compared with 4.66% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 13.71% as against Sensex's 16.11% rise.

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

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.

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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