iGate Global on a high on California call

DALAL STREET SPIKES

iGate Global was in the limelight yesterday after the company announced that it had bagged a $20 million order from California-based GreenPoint Mortgage.

The counter hit a high of Rs 336 before closing at Rs 320.90, up by 5.69 per cent. More than 38,356 shares were traded on the counter.

According to reports, the deal is valid for a period of five years and as per the agreement, iGate Global Solutions will manage GreenPoint's backoffice operations for enhanced efficiency and operational excellence.

iGate offers services to a number of international customers with General Electric being one of its biggest customer, according to sources.

The company is said to have recently renewed its contract with General Electric.

iGate Global reported a net profit of Rs 2.42 crore (Rs 6.49 crore) for the second quarter ended September 30, 2003, on a total revenue of Rs 145.5 crore (Rs 90.2 crore).