InfoTech Enterprises scrip price touched a new 52-week high of Rs 625 on Wednesday on the Bombay Stock Exchange before settling at Rs 602.70, up 12.81 per cent over its previous close. Volumes have almost doubled from 16,648 shares traded on Tuesday to 35,250. On the National Stock Exchange too, volumes doubled from 2,03,000 shares to 4,00,108 while the price closed higher by 13.7 per cent at Rs 602.7.
The sharp rise in the price led to speculation in the market that the company will consider a bonus issue soon. However, company sources attributed the demand to buying by mutual funds and financial institutions and ruled out the possibility of a bonus issue in the immediate future.
Meanwhile, a board meeting is scheduled for February 27 to co-opt Charles W Aiyer, a nominee of Carrier International Mauritius as an additional director of the company. The company recently allotted 12 lakh equity shares and 3 lakh warrants to Carrier, an investment arm of United Technologies Corporation of US.
From a recent low of Rs 351.50 touched on 11 January 2002, the stock price of InfoTech has gained 71 per cent on renewed buying, after the company announced its quarterly results. For the quarter ended 31 December 2001, the company had posted a 71.19% rise in net profit to Rs 8.32 crore (Rs 4.86 crore) on an income of Rs 27.45 crore (Rs 13.99 crore).