8K Miles rallies 42% in 7-days after stake sale by promoter M V Bhaskar

The stock rallied 11% to Rs 800 in intra-day trade, extending its past three days 29% surge on the BSE, in otherwise subdued market.

8K Miles Software Services rallied 11% to Rs 800 in intra-day trade, extending its 29% rally of the last three sessions on the BSE, in an otherwise subdued market.

The disclosure made by the company to the stock exchange reveals that M V Bhaskar (Venkata Bhaskar Mylapore), one of the promoters of 8K Miles Software Services, had sold 153,253 equity shares representing 0.5% stake in open market on October 24, 2017.

Post transaction, M V Bhaskar holding in the company stood at 0.04% from 0.54% earlier.

“I am not into the board for past four years and not involved in the company affairs. I sold my shares to meet my other future personal commitments,” M V Bhaskar said in a statement.

M V Bhaskar had sold 153,253 equity shares of 8K Miles Software Services at an average price of Rs 569 per share, the NSE data shows.

The names of the buyers were not ascertained immediately.

In past seven trading days, since M V Bhaskar sold majority of his stake in the company on October 24, the stock surged 42% from Rs 564, as compared to 3% rise in the S&P BSE Sensex. In past one month, the stock of internet software & services provider zoomed 106%, against 7% rise in the benchmark index.

At 12:31 PM; the stock was up 7% at Rs 774 against 0.20% decline in the Sensex. The trading volumes on the counter more than doubled with a combined 1.1 million shares changed hands on the NSE and BSE so far.