Shares of Kellton Tech Solutions were locked in the 10 per cent upper circuit at Rs 113.30 on the BSE in Tuesday’s intra-day trade on the back of heavy volumes in an otherwise subdued market. This price level is also the stock's fresh 52-week high.
The trading volumes on the counter almost doubled, with a combined 10.36 million equity shares, representing 10.73 per cent of total equity of Kellton Tech Solutions, having change hands on the NSE and BSE till 01:19 pm. There were pending buy orders for 280,000 shares on both the exchanges, data showed.
In the past four weeks, the stock of the information technology (IT) software products company has zoomed 104 per cent from a level of Rs 55.30 on December 21, 2021. In comparison, the S&P BSE Sensex was up 8.9 per cent during the same period. The stock had hit a record high of Rs 118 on March 8, 2016.
Kellton Tech is a ‘Born Digital’ technology consulting and services company founded on the belief of ‘Infinite Possibilities with Technology’ with operations across the US, Europe, India, and Asia-Pacific.
For the July-September quarter (Q2FY22), Kellton Tech reported a 6.3 per cent QoQ and 9.8 per cent YoY growth in profit after tax (PAT) at Rs 17.5 crore. Revenue from operations grew 2.2 per cent QoQ at Rs 208.70 crore. Earnings before interest, taxes, depreciation, and amortization (ebitda) margin declined 50 bps YoY, but improved 30 bps QoQ at 13.1 per cent.
During the quarter, Kellton Tech won 20 new clients. The company has been chosen as a digital transformation partner by a reputed non-profit organization with footprints in the US and many African countries. The company has also been chosen as an end-to-end digital transformation partner by one of the largest conglomerates based in Asia.
Kellton Tech has been awarded the SAP S/4HANA AMS and Hosting and Basis Support contract by a leading chemicals company based in the US and also been picked as a technology partner for a leading US-based company with a wide-scale digital supply network for process industries.
“At this point, we remain confident about achieving a continuous revenue growth for the next quarter, advancing our presence in high-profit markets, and defining digital transformation journeys ahead of expectations,” the company’s management said while announcing Q2 results on November 11, 2021.