Persistent Systems has rallied 6% to Rs 454 after reporting a better-than-expected 7.4% quarter-on-quarter (q-o-q) growth in net profit at Rs 44.6 crore for the second quarter ended September 2012. Analysts, on an average, had forecast profit at Rs 41 crore. Revenues grew 8.7% at Rs 327 crore on q-o-q basis.
“We begin to see the positive results of our investments in IP, strategic alliances, and key platforms, with IP led revenues leading the way this quarter.” said Dr. Anand Deshpande, chairman and managing director, Persistent Systems.
Meanwhile, the company has acquired innovative cloud platform business from Doyenz, Inc.
“Persistent Systems has entered into a definitive agreement through its US subsidiary to acquire ‘rCloud’, an innovative cloud platform business from privately held Doyenz, Inc. Terms of the definitive agreement were not disclosed,” the Pune-based IT consulting and software company said in a filing.
The stock opened at Rs 442 and hit a high of Rs 468 on the Bombay Stock Exchange. A combined around 52,000 shares have changed hands on the counter in opening deals.