Sasken Tech jumps after posting good Q2 results

Sasken Technologies jumped 9.92% to Rs 580 at 12:00 IST on BSE after consolidated net profit rose 8.5% to Rs 18.77 crore on 6.2% rise in revenue to Rs 124.84 crore in Q2 September 2017 over Q1 June 2017.

The result was declared after market hours yesterday, 16 October 2017.

Meanwhile, the S&P BSE Sensex was up 16.83 points, or 0.05% at 32,650.47. The S&P BSE Small-Cap index was up 88.34 points, or 0.52% at 17,064.51, outperforming the Sensex.

High volume was witnessed on the counter. On the BSE, 66,110 shares were traded on the counter so far as against the average daily volumes of 6,544 shares in the past one quarter. The stock had hit a high of Rs 594.80 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 541.40 so far during the day. The stock had hit a 52-week low of Rs 360.10 on 14 October 2016.

The stock has jumped 13.09% in four sessions to its ruling price, from a close of Rs 512.85 on 11 October 2017.

The stock had outperformed the market over the past one month till 16 October 2017, gaining 4.09% compared with the Sensex's 1.12% gains. The stock had, however, underperformed the market over the past one quarter, falling 1.98% as against the Sensex's 1.91% rise. The scrip had, however, outperformed the market over the past one year, gaining 42.17% as against the Sensex's 17.92% rise.

The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.

Sasken Technologies' earnings before interest, tax, depreciation and amortization (EBITDA) rose 46.1% to Rs 18.73 crore in Q2 September 2017 over Q1 June 2017. Software services revenue rose 6.2% to Rs 124.84 crore in Q2 September 2017 over Q1 June 2017.

The board declared an interim dividend of Rs 2.50 per equity share.

Sasken Technologies is engaged in software development. It provides engineering research and development (ER&D), and productized information technology (IT) services to customers in the communications and devices, retail, insurance and independent software sectors.

Powered by Capital Market - Live News