HOV Services hits 52-week high ahead of board meet

The stock surged 13% to Rs 173 on BSE in intra-day trade on back of heavy volumes

HOV Services surged 13% to Rs 173, also its 52-week high on the BSE in intra-day trade, ahead of board meeting on Wednesday, February 22, 2017, to consider certain matters related to its investment in its subsidiaries and associates.

Since January 19, the stock rallied 36% from Rs 127, as compared to 4.5% rise in the S&P BSE Sensex.

At 11:32 am; it was up 9% at Rs 167 against 0.17% decline in the benchmark index. The trading volumes on the counter more than doubled with a combined 1.09 million shares changed hands on the BSE and NSE so far.

HOV Services operates as a hybrid between investment and diversified services corporation. The company has grown over the last decade plus through series of key acquisitions. The Company’s business encompasses software and IT enabled services and environment protection solutions.

SourceHOV Holdings Inc., (“SourceHOV”) a company in which HOV Services’ wholly owned subsidiary in the United States, HOVS LLC, holds investments, is a one of the global leaders in financial transaction solutions and services, healthcare services and administration of claims.

The second company, HOV Environment Solutions Private Limited (“HOV ESPL”) has been involved in building artificial reefs to reduce erosion of beaches, thereby providing erosion protection solutions.