Rolta India was one of the handful counters that moved against the market trend and hit a new 52-week high of Rs 143.95 on sustained bargain hunting on expectations of better results which were announced after the market hours.
Rolta topped volumes on the Bombay Stock Exchange, with 76.70 lakh shares being traded, recording an all-time high combined volume of 2.04 crore shares on the BSE and NSE. The stock closed at Rs 139.75, up 12.95 per cent over its previous close on the BSE.
In the last 14 trading sessions, the scrip has risen 27.5 per cent to Rs 123.95 on April 26 from Rs 97.20 on April 8. Analysts from local brokerage said the rise in the stock is purely on speculation. Operators are said to be continuously punting in the stock since the last few trading sessions. as nothing fundamentally has changed in the company. "The stock is highly volatile and anyone can punt in the stock as it has a floating stock of 2.64 crore shares on an equity of 6.37 crore shares," dealers explained.
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Rolta India Ltd has posted a net profit of Rs 311.97 million for the quarter ended March 31, 2002 compared with Rs 307.04 million in the corresponding period last fiscal. Total Income has increased from Rs 802.23 million in MQ-2001 to Rs 815.34 million in the quarter ended March 31, 2002.
The company has recently inaugurated an advanced engineering software and eServices centre in Atlanta USA. This new building spread over 26,000-sq ft will be the new US headquarters of Rolta International Inc. This centre is expected to add thrust to the company's business opportunities and will enable the company to aggressively address its customers. In order to further strengthen its presence on the American continent Rolta has recently set up Rolta Canada Ltd. In addition steps are at an advanced stage for setting up a subsidiary in the UK.