The Mphasis BFL scrip zoomed up on the Bombay Stock Exchange (BSE) after its third quarter (Q3) results were announced today. The stock price was up by 11.63 per cent to Rs 380 during noon trades. Later it closed at Rs 357.25, up 7.88 per cent over its previous close. The high for the day was Rs 384.90.
The scrip got a boost following a surge in its Q3 net, which was up 112.8 per cent to Rs 12.90 crore compared to Rs 6.06 crore in the corresponding period of the last fiscal. This was, even as the top-line remained flat at Rs 80.36 crore in Q3 2001 compared to Rs 80.70 crore in Q3 2000.
The expectations of good Q3 results had led to the stock ruling firm in recent weeks, rising by 26 per cent from a recent low of Rs 269.60 on 11 January 2002 to Rs 340.40 on 18 January 2002 on the eve of its results. Volumes during the period had surged almost three-fold to 34,143 shares from 12,555 shares.
More From This Section
From a 52-week low of Rs 70.45 on 12 October, the scrip had surged by 383 per cent to Rs 340.40 on 18 January on the back of institutional purchases.
Mphasis BFL focuses retail, logistics and transportation, financial services, technology and IT-enabled services.
The MBL group (MBL and its subsidiaries) recently carried out a restructuring of its European business including the closure of its healthcare product line. This product line related to BFL Software GmbH, the German subsidiary of the erstwhile BFL Software.
MBL last month signed a pact with Spectrum to further strengthen the strategic alliance between the two. MBL has been a supplier of software services to Spectrum for eight years now. Under the new arrangement, a joint strategic business unit called Mphasis Spectrum is being formed.
MBL derives majority of its revenues from the United States. Europe is the next biggest contributor to its revenues, whereas Asia-Pacific and Japan