This beaten-down stock has zoomed 306% in 6 weeks after restart of trading

Currently, the stock is trading under 'T' category on the BSE, under all trades are settled on trade-to-trade (T2T) basis

Shares of 8K Miles Software Services were locked in upper circuit for the 29th straight day, up 5 per cent at Rs 96.20 on the BSE on Friday. The stock has now rallied over 300 per cent in the past six weeks, after revocation of suspension in trading.

The internet software & services company's stock was trading at its 52-week high level and has zoomed 306 per cent since September 7, 2020. It was last traded on May 26, 2020 and closed at Rs 23.70 on the BSE. The stock hit a record high of Rs 1,024 on November 29, 2017.

“The trading members of the Exchange are hereby informed that the suspension in trading of equity shares of the 8K Miles Software Services will be revoked w.e.f. September 07, 2020,” BSE had said in notice dated August 20, 2020.

The suspension was due to non-submission of financial results for two consecutive quarters i.e. March 2019 and June 2019. The same has been compiled by the company on November 2, 2019 and February 29, 2020, for the respective quarters, it said. CLICK HERE FOR FULL DETAILS

Currently, 8K Miles is trading under ‘T’ category on the BSE, under all trades are settled on trade-to-trade (T2T) basis. Stocks classified under the T2T category cannot be traded on an intraday basis and traders or investors purchasing or selling these shares need to take delivery by paying full amount.

8K Miles Software Services, a leading global IT business transformation, secure cloud solutions and NextGen managed service provider, had reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 3.9 crore in April-June quarter (Q1FY21), against loss of Rs 20 crore in January-March quarter (Q4FY20). EBITDA margin grew to 4.4 per cent from -29.4 per cent in Q4FY20.

“Our top priorities for the company are to rebuild the trust and confidence among investors and stakeholders by ensuring complete transparency, compliance and governance. Towards this, during this quarter, the company hired an accomplished CFO, Company Secretary and a Global HR Head to help us adhere to the regulatory requirements and streamline the reporting process,” Suresh Venkatachari, Chairman & CEO of 8K Miles Software Services had said.