iGate shines on US acquisition

DALAL STREET SPIKES

iGate, provider of outsourcing solutions to the financial industry and subsidiary of iGate Corporation USA, saw its shares move up 4.6 per cent today to Rs 200 on the BSE.

The move was prompted by the company increasing its stake in a US mortgage origination-services firm. The scrip saw volumes of around 5,600 shares, about four times its usual number.

The Indian company increased its stake in Loan Pro LLC, a US firm, from 5 to 60 per cent so as to takeover the latter's proprietary technology platform for use in India.

The company has expertise in investment strategies, technology leverage and business process outsourcing and provisioning. It also offers services such as consulting, enterprise data management.