Geodesic Info hits roof as buy call multiplies

DALAL STREET SPIKES

Geodesic Information Systems hit the upper circuit filter at Rs 288.75, up 20 per cent in Friday's trading. Buy order for 1.1 lakh shares remained pending on the counter which closed on an all-time high.

The scrip had appreciated nearly 100 per cent in the last one month or so. The software solutions company is waiting for shareholders' approval to allot 10.90 lakh equity shares of Rs 2 each to Girvan Holdings LLC, US and another 54 lakh equity shares of Rs 2 each at a premium of Rs 160 per share on preferential basis to various foreign investors and mutual funds.

It had issued bonus shares in the ratio of 1:1 to the equity shareholders early this year. The company posted more than 100 per cent rise in net profit in the first quarter.