KPIT Technologies rose 1.1% to Rs 133.05 at 9:45 IST on BSE after the company said that it has completed agreement with ANSYS, to sell its Berlin-based subsidiary, KPIT medini Technologies AG.
The announcement was made on Sunday, 6 November 2016.Meanwhile, the S&P BSE Sensex was up 218.89 points or 0.8% at 27,493.04.
On BSE, so far 9,477 shares were traded in the counter as against average daily volume of 1.28 lakh shares in the past one quarter. The stock hit a high of Rs 134.50 and a low of Rs 133 so far during the day. The stock had hit 52-week high of Rs 196.60 on 21 June 2016. The stock had hit 52-week low of Rs 108.45 on 12 February 2016. The stock had outperformed the market over the past one month till 4 November 2016, rising 1.23% compared with the Sensex's 3.74% fall. The scrip had also outperformed the market in past one quarter, gaining 3.01% as against the Sensex's 1.59% decline.
The mid-cap company has equity capital of Rs 39.50 crore. Face value per share is Rs 2.
KPIT medini Technologies AG has been focusing on functional safety products with a product brand known as Medini. Medini is a functional safety product which has applications beyond KPIT's focused industries and as a software product needs a wider and different distribution network to reach out to other industries beyond KPIT's focused areas.
KPIT is expanding its portfolio as a provider of services and platforms to automotive industry for product engineering areas such as powertrain, AUTOSAR, diagnostics, infotainment, etc. While KPIT will continue to provide services around the Medini tools, it would like to deepen its domain expertise by continuing to make further strategic investments in its focus areas for which the proceeds from this sale will be used, KPIT added.
KPIT Technologies' consolidated net profit rose 2.05% to Rs 56.18 crore on 3.3% rise in net sales to Rs 829.47 crore in Q2 September 2016 over Q1 June 2016.
KPIT Technologies is focused on providing outsourcing services using product engineering and IT for automotive and transportation, manufacturing and energy and utilities verticals.
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