Zensar Technologies gains on signing new orders

Zensar Technologies rose 2.55% to Rs 396 at 14:58 IST on BSE after the company signed significant multimillion dollar wins in the United States and Europe.

The company made the announcement during market hours today, 18 March 2014.

Meanwhile, the BSE Sensex was up 41.31 points, or 0.19%, to 21,851.11

On BSE, so far 33,393 shares were traded in the counter, compared with an average volume of 16,578 shares in the past one quarter.

The stock hit a high of Rs 408.90 and a low of Rs 380 so far during the day. The stock hit a 52-week high of Rs 429.80 on 21 January 2014. The stock hit a 52-week low of Rs 180.90 on 25 September 2013.

The stock had underperformed the market over the past one month till 14 March 2014, rising 0.01% compared with the Sensex's 7.08% rise. The scrip, however, outperformed the market in past one quarter, gaining 23.73% as against Sensex's 5.28% rise.

The small-cap software services and infrastructure provider has an equity capital of Rs 43.76 crore. Face value per share is Rs 10.

Zensar Technologies during market hours today, 18 March 2014 reported significant new multimillion dollar wins in the United States and Europe.

Zensar Technologies said the company has signed a major deal with a large multibillion dollar American enterprise that designs and builds specialty trucks and military vehicles, and that operates as a leader in every market in which it competes. The company is a Fortune 500 organization with manufacturing operations in the Americas, Europe, Asia, and Australia. This large deal with the client involves a full-featured team in select areas, to scale with demand over a two-year period, Zensar Technologies said. The strategic nature of this project positions Zensar well with the client and also has the company poised for additional opportunities in the near future. Currently, Zensar is building critical enterprise wide systems for the client's supplier network, the company said in a statement.

Zensar Technologies also signed its largest deal to date in the dual shore IM space with an existing American client. Another significant deal has been closed with a specialty insurance and reinsurance company which company which operates underwriting hubs worldwide and operates more than 50 offices worldwide, expanding Zensar's existing reach from the company's UK operations into the US as well, the company said.

Dr Ganesh Nataraian, Vice Chairman and CEO, Zensar Technologies said, "Zensar's business in our key markets of USA, UK, Europe and Africa continues to be robust with new wins in these territories in both our core businesses, enterprise application sen/ices and infrastructure management."

Nitin Parab, Chief Executive and Head, Enterprise Transformation Business, Zensar said, "Our strategies for new client acquisition, and for supersizing deals in the US region have begun to show significant traction helping provide the necessary boost to sales. The client acquisition in the US has shown optimistic trends in core verticals that we are focusing on. The order book for the year ahead looks strong and we hope to close some significant deals in the pipeline in the coming months."

Zensar Technologies' consolidated net profit fell 28.2% to Rs 50.71 crore on 4.5% fall in total income to Rs 588.38 crore in Q3 December 2013 over Q2 September 2013.

Zensar Technologies is a global information technology services and business process outsourcer headquartered in Pune, India.

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