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Infosys slips in volatile trade

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Infosys slipped 0.76% to Rs 2,279 at 12:31 IST on BSE in volatile trade after announcing plan to fully acquire Panaya, Inc., a leading provider of automation technology.

The announcement was made during market hours today, 16 February 2015.

Meanwhile, the S&P BSE Sensex was up 70.61 points or 0.24% at 29,165.54

On BSE, so far 51,000 shares were traded in the counter as against average daily volume of 2.28 lakh shares in the past one quarter.

The stock hit a high of Rs 2,305.85 and a low of Rs 2,271.35 so far during the day. The stock had hit a record high of Rs 2,324.90 on 13 February 2015. The stock had hit a 52-week low of Rs 1,447 on 30 May 2014.

The stock had outperformed the market over the past one month till 13 February 2015, rising 10.02% compared with Sensex's 6.09% rise. The scrip also outperformed the market in past one quarter, advancing 9.85% as against Sensex's 4.13% rise.

The large-cap company has equity capital of Rs 574.24 crore. Face value per share is Rs 5.

Infosys today, 16 February 2015 announced a definitive agreement to fully acquire Panaya, Inc., a leading provider of automation technology for large scale enterprise software management, in cash, for an enterprise value of $200 million.

Infosys said that this acquisition reflects the company's execution of its Renew and New strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence. Panaya's CloudQuality suite uniquely positions Infosys to bring automation to several of its service lines via an agile SaaS model, and helps mitigate risk, reduce costs and shorten time to market for clients. The transaction is expected to close before 31 March 2015, subject to customary closing conditions, the company said.

Commenting on the acquisition, Dr. Vishal Sikka, CEO and Managing Director of Infosys said Panaya's proven technology will help dramatically simplify the costs and complexities faced by businesses in managing enterprise application landscapes.

Infosys' consolidated net profit rose 4.97% to Rs 3250 crore on 3.4% growth in net sales to Rs 13796 crore in Q3 December 2014 over Q2 September 2014.

Infosys is a global leader in consulting, technology and outsourcing solutions.

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First Published: Mon, February 16 2015. 12:36 IST