IT meltdown drags down Geometric Soft

DALAL STREET SPIKES

Sell-off in IT sector stocks took a toll of Geometric Software despite good results. The stock of the mid-size IT company was down 4.80 per cent to Rs 484.60 with volumes accounting for more than 35 thousand shares on BSE.

On consolidated basis, Geometric Software group for quarter ended March 31, posted a 51.49 per cent rise in the net profit to Rs 8.09 crore as against Rs 5.34 crore in the same quarter last year. Company's total income grew to Rs 52.51 crore as against Rs 32.03 crore during the same period.

The company's board also recommended a dividend of Rs 4 per shares for financial year 2004-05. The board also recommended the sub-division of its shares of Rs 10 each into 5 shares of Rs 2 each. The BSE IT index was the biggest loser among the indices in Friday's trading.