Hexaware Piggybacks On German Order

Stocks of Hexaware Technologies Ltd (HTL) shot up to an intraday high of Rs 62.55 on the Bombay Stock Exchange (BSE) today, before settling 17.07 per cent higher at Rs 61.05, on reports that the company had bagged a euro 22 million order from a German company.

Up to 99,903 shares of the company changed hands on BSE today. HTL has jumped 62.4 per cent over the last 15 sessions, from Rs 37.60 on August 2, 2002. HTL was listed on the BSE on June 10, 2002.

During late afternoon trades, HTL announced it had bagged a contract for assisting Deutsche Leasing in restructuring and modernising the latter's European information technology operations. The order is believed to be worth euro 22 million and is slated for completion by December 2004.

 

Earlier this month, the IT education major Aptech and banking software solutions company i-flex solutions joined hands in a venture to enable the former's students to train on i-flex's proprietary banking product Flexcube, which is one of the world's largest selling wholesale back office banking systems.

On December 29, 2002, the Bombay High Court had cleared the composite restructuring scheme to de-merge Aptech's training and education business.

Aptech hived off the training and education division by transferring its assets and liabilities to Aptech Training.

Simultaneously, HTL, a SEI CMM Level 5 software company (unlisted in India) with a focus on the United States and European markets, was merged with Aptech (the software entity). The merged entity was renamed Hexaware Technologies.

For the second quarter ended June 30, 2002, HTL posted a 74.4 per cent fall in net profit to Rs 0.56 crore (Rs 2.19 crore), on a 72.8 per cent fall in its total income of Rs 21.70 crore (Rs 79.80 crore).