Rolta India surges on bagging a multi-million dollar contract in Saudi Arabia

The new order was announced during trading hours today, 10 July 2013.

Meanwhile, the BSE Sensex was down 20.42 points or 0.11% at 19,419.06.

On BSE, 2.78 lakh shares were traded in the counter as against average daily volume of 89,507 shares in the past one quarter.

The stock hit a high of Rs 61.35 and a low of Rs 57.70 so far during the day. The stock had hit a 52-week high of Rs 81.70 on 9 July 2012. The stock had hit a 52-week low of Rs 50 on 12 June 2013.

The stock had underperformed the market over the past one month till 9 July 2013, sliding 0.26% compared with the Sensex's 0.05% rise. The scrip had also underperformed the market in past one quarter, declining 12.09% as against Sensex's 6.66% rise.

The small-cap IT firm has equity capital of Rs 161.33 crore. Face value per share is Rs 10.

Rolta India has secured a multi-million dollar contract from Sadara Chemical Company (Sadara) to implement a comprehensive engineering system at its complex which will be the world's largest petrochemical facility ever built in a single phase. Value of the contract has not been disclosed. Rolta said it was selected for this challenging project based upon its unique combination of world class capabilities in engineering and IT. The project will be managed by a global Rolta team working out of the United States, India and Saudi Arabia, and will be completed by late 2014, the company said.

Mr. K. K. Singh, CMD, Rolta said, "We are very glad to have been selected by Sadara to implement their engineering systems. Rolta is fully committed to the success of this important project. This win provides further validation of our strategy of uniquely combining engineering and IT capabilities for delivering high value solutions to win significant new and follow-on business".

Sadara represents a unique alliance between the Saudi Arabian Oil Company (Saudi Aramco), one of the leading energy suppliers to the world, and The Dow Chemical Company (Dow), a leading science and technology company of the world. With a total investment of about $20 billion, Sadara is now building and will own and operate an integrated chemical complex in Jubail Industrail City II in the Kingdom of Saudi Arabia.

Rolta India's consolidated net profit rose 3.9% to Rs 73.14 crore on 8.25% growth in net sales to Rs 569.96 crore in Q3 March 2013 over Q2 December 2012.

Rolta India provides IT solutions for many vertical segments, including federal and state governments, defense/HLS, utilities, process, power, financial services, manufacturing, retail and healthcare.

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