Infibeam Incorporation rose 5.37% to Rs 907.20 at 11:31 IST on BSE after the company entered into an MoU with IL&FS Township & Urban Assets for undertaking and implementing various projects.
The announcement was made after market hours yesterday, 26 October 2016.Meanwhile, the S&P BSE Sensex was down 120.69 points or 0.43% at 27,715.82
On BSE, so far 52,500 shares were traded in the counter, compared with an average volume of 1.97 lakh shares in the past one quarter. The stock hit a high of Rs 911.90 and a low of Rs 862 so far during the day. The stock hit a record high of Rs 978 on 22 September 2016. The stock hit a record low of Rs 431.35 on 22 November 2016. The stock had underperformed the market over the past 30 days till 26 October 2016, falling 4.8% compared with 1.37% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 24.62% as against Sensex's 1.32% decline.
The mid-cap company has an equity capital of Rs 53.36 crore. Face value per share is Rs 10.
Infibeam Incorporation said that the company has entered into an Memorandum of Understanding (MoU) with IL&FS Township & Urban Assets (ITUAL) for undertaking and implementing projects in digital space and e-commerce for Central Government, various State Governments and Private Partners. Infibeam Incorporation shall set up a special purpose vehicle (SPV) which will be located at GIFT Two Building, GIFT City, Gandhinagar wherein the company will provide its state-of-the-art technology and office premises for expanding and implementing digital projects that would be implemented by SPV. The SPV will target indicative achievable revenue opportunity of Rs 1250 crore over a period of five years starting from year ending 31 March 2018 (FY 2018).
Infibeam Incorporation's consolidated net profit surged 232.32% to Rs 9.87 crore on 24.12% rise in total income to Rs 107.34 crore in Q1 June 2016 over Q1 June 2015.
Infibeam Incorporation is an e-commerce company focused on developing an integrated and synergistic e-commerce business model. It owns and operates the Infibeam BuildaBazaar (BaB) e-commerce marketplace, which provides cloud-based, modular and customizable digital solutions and other value added services to enable merchants to set up online storefronts. Infibeam Incorporation also operates Infibeam.com, a multi-category e-retail website primarily focused on fast moving product categories.
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