3i Infotech was locked in 20% upper circuit at Rs 9.84 at 15:11 IST on BSE, with the stock extending Wednesday's rally triggered by the company's sale of Western Europe subsidiary to Objectway Financial Software.
Meanwhile, the S&P BSE Sensex was down 19.65 points or 0.07% at 27,188.96
On BSE, so far 74.94 lakh shares were traded in the counter with pending buy orders of 4.47 lakh shares at upper circuit. The stock has an average daily volume of 4.55 lakh shares in the past one quarter.
The stock hit a high of Rs 9.84 and a low of Rs 7.93 so far during the day. The stock had hit a 52-week high of Rs 13.59 on 13 June 2014. The stock had hit a 52-week low of Rs 5.97 on 7 May 2014.
The stock had outperformed the market over the past one month till 24 December 2014, rising 4.99% compared with Sensex's 4.53% fall. The scrip, however, underperformed the market in past one quarter, falling 2.26% as against Sensex's 1.73% rise.
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The small-cap company has equity capital of Rs 586.12 crore. Face value per share is Rs 10.
3i Infotech before market hours on Wednesday, 24 December 2014 said that the company's step down subsidiary has signed an agreement to sell its Western Europe units to Objectway Financial Software. The stock had gained 6.91% to settle at Rs 8.20 on Wednesday, 24 December 2014. The stock gained 28.29% in two trading days from recent low of Rs 7.67 on 23 December 2014.
3i Infotech said that 3i Infotech (Western Europe) Group, a step down subsidiary of the company, has signed an agreement to sell 3i Infotech (Western Europe) and 3i Infotech (Flagship-UK) (hereinafter together referred to as 3i Infotech Western Europe) to Objectway Financial Software, which is a leading provider of wealth management and digital software solutions in EMEA. This sale is in line with the group's strategy to sell its non-core assets/investments and use the additional cash generated from such sale to deleverage its balance sheet and for business purpose, 3i Infotech said.
3i Infotech Western Europe provides investment management software solutions to midmarket UK firms.
3i Infotech reported a consolidated net loss of Rs 177.87 crore in Q2 September 2014, higher than net loss of Rs 102.72 crore in Q1 June 2014. Net sales declined 2.23% to Rs 355.47 crore in Q2 September 2014 over Q1 June 2014.
3i Infotech provides a range of software and information technology (IT) solutions including packaged applications for the banking, financial services and insurance, manufacturing, contracting and retail and distribution industries.
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