Virinchi spurts after bagging contract

Virinchi rose 9.12% to Rs 125.65 at 11:59 IST on BSE after the company said it signed a multi-product 5-year contract with Advance America in USA.

The announcement was made after market hours yesterday, 17 April 2018.

Meanwhile, the S&P BSE Sensex was up 73.53 points, or 0.21% to 34,468.59.

On the BSE, 1.68 lakh shares were traded in the counter so far compared with average daily volumes of 34,000 shares in the past two weeks. The stock had hit a high of Rs 130 and a low of Rs 121 so far during the day. The stock hit a record high of Rs 153.50 on 9 January 2018. The stock hit a 52-week low of Rs 66.70 on 23 August 2017.

 

Virinchi signed a multi-product 5-year contract with Advance America Inc, the largest company in USA in the alternate finance industry, to deliver, maintain and host lending management software 'QFund' for a period of 5 years.

QFund is the flagship lending management system developed by Virinchi for the alternate finance industry in the USA.

On a consolidated basis, Virinchi's net profit rose 10.02% to Rs 8.89 crore on 1.21% increase in net sales to Rs 85.61 crore in Q3 December 2017 over Q2 September 2017.

Virinchi is an IT products & services company, focusing on customers in North America, Europe, & Middle East.

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