Speculative buying propped up the scrip of Aftek Infosys by 14.18 per cent to Rs 395.30 on the Bombay Stock Exchange (BSE). The scrip, which hit an intra-day high of Rs 406.80, clocked a volume of 22.79 lakh shares.
In the last 11 sessions, the stock has risen 96.06 per cent from Rs 204.50 on 21 December to the current level. Volumes too increased from 6.69 lakh shares to the current level in the same period.
Dealers say Aftek Infosys is mainly an operator-driven stock. "Operators first create the ambience by which retail investors get into the stock and after retail investors move in a big way, they move out, booking profits," dealers said.
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Aftek Infosys, previously known as Aftek Business Machines, was incorporated in March 1986 as a private limited company and was converted into a public limited company in October 1994. It is engaged in the manufacture of IBM compatible personal computers and micro-processor-based peripherals namely terminals, hand-held devices and add-on cards such as intelligent terminal systems.
In April 1995, it came out with a public issue to part-finance a Rs 5.33 crore investment programme to expand its activities. In 1995-96, the company changed its focus from manufacturing of PCs and other products to software exports, special products and solution provider. Aftek has forged an alliance with and acquired the distributorship of Tatung Company, Taiwan.
Aftek completed Phase I of its global strategy of getting itself admitted as a member of TEN (The Enterprise Network) in 2001. TEN, is a Nasa-AMES funded technology-accelerator organisation responsible for launching globally successful companies.
For the quarter ended 31 Sept 2001, the company posted a 127.13 per cent rise in net profit to Rs 7.97 crore from Rs 3.51 crore in the corresponding period last year. Total income increased by 82 per cent to Rs 15.06 crore from Rs 8.28 crore in SQ 2000.