Saksoft jumps after promoter hikes stake

Saksoft rose 6.83% to Rs 223 at 14:19 IST on BSE after the company's promoter SAK Industries acquired 0.94% stake in the company.

Meanwhile, the S&P BSE Sensex was up 57.11 points, or 0.17% to 33,099.61.

On the BSE, 5,152 shares were traded in the counter so far, compared with average daily volumes of 3,345 shares in the past one quarter. The stock had hit a high of Rs 235 and a low of Rs 215 so far during the day. The stock hit a 52-week high of Rs 333 on 12 January 2017. The stock hit a 52-week low of Rs 152 on 22 November 2016.

The stock had underperformed the market over the past one month till 25 October 2017, rising 4.40% compared with 4.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.22% as against Sensex's 2.04% rise. The scrip had also underperformed the market in past one year, rising 0.55% as against Sensex's 18.70% rise.

The small-cap company has equity capital of Rs 10.46 crore. Face value per share is Rs 10.

SAK Industries bought 98,765 shares, or 0.94% equity, of Saksoft at Rs 200 per share on BSE yesterday, 25 October 2017.

Ajit Thomas sold 1 lakh shares, or 0.96% equity, of Saksoft at Rs 200.01 per share on BSE yesterday, 25 October 2017.

As on 30 September 2017, SAK Industries held 45.54 lakh shares, or 43.56% stake, in Saksoft.

Ajit Thomas held 2 lakh shares, or 1.91% stake, in the IT company as on 30 September 2017.

On a consolidated basis, Saksoft's net profit rose 13.28% to Rs 4.52 crore on 7.52% decline in net sales to Rs 65.31 crore in Q1 June 2017 over Q4 March 2017.

Saksoft provides digital transformation solutions. It offers a gamut of services including strategic consulting, information management, application development, digital testing, cloud, mobility and Internet of Things (IoT).

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