Saksoft hits all-time high ahead of 1:10 stock split; stock soars 19%

Saksoft has fixed Monday, September 26, 2022 as the 'record date' to ascertain the eligibility of shareholders entitled for sub-division of equity shares.

Shares of Saksoft hit an all-time high of Rs 1,366.50, as the stock of computers software & consulting firm zoomed 19 per cent on the BSE, in Thursday’s intra-day trade ahead of 1:10 stock split.

The stock surpassed its previous high of Rs 1,313.95, which it had touched on September 16, 2022. In the past three months, it surged 70 per cent, as compared to 15 per cent rise in the S&P BSE Sensex.

The company has fixed Monday, September 26 as the ‘record date’ to ascertain eligibility of shareholders entitled for sub-division of 1 equity share of the company, with a face value of Rs 10 into 10 equity shares, having a face value of Re 1 each.

Earlier, on May 26, 2022, the board approved the sub-division of share capital. “With a view to have more participation from the investors in the scrip and increase liquidity of the shares of the company, the board recommends the sub-division of existing paid-up share capital of the Company,” Saksoft said.

Meanwhile, Saksoft issued guidance for the first time in its prospects. Based on the robustness of order flow and increase in spending within the verticals of the company’s presence, the company announced a revenue guidance of $100 million by 2025.

“Saksoft is optimistic of prospects as pan-global IT companies set up operations in Europe, especially Western Europe, due to competitive rates and talent shortage in India. The company will progressively widen its software development footprint in countries like Lithuania, Poland and Romania,” the company said in its FY22 annual report.

Saksoft initially catered to the BFSI segment before diversifying into e-Commerce, manufacturing, public sector and education verticals. The company now offers associated services like application development, testing, quality control and solutions based on cloud, mobility and Internet of Things (IoT) along with Information Management (IM) and Business Intelligence (BI) solutions.