Financial Technologies (India) rose 2.67% to Rs 582 at 12:06 IST on BSE, reversing Friday's 9% slump after the company clarified that the selling was triggered by bear cartels who wish to drag the stock lower.
Meanwhile, the S&P BSE Sensex was down 69.31 points, or 0.35%, to 19,678.88.
On BSE, 1.28 lakh shares were traded in the counter as against an average daily volume of 58,525 shares in the past one quarter.
The stock hit a high of Rs 593.90 so far during the day The stock hit a low of Rs 532 so far during the day, which matched the 52-week low hit on Friday, 26 July 2013. The stock had hit a 52-week high of Rs 1,223.80 on 13 November 2012.
The stock had underperformed the market over the past one month till 26 July 2013, sliding 24.55% compared with the Sensex's 6.45% rise. The scrip had underperformed the market in past one quarter, falling 30.89% as against Sensex's 2.39% rise.
The small-cap company has an equity capital of Rs 9.22 crore. Face value per share is Rs 2.
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Financial Technologies (India) (FTIL) shares slumped 9% to Rs 566.85 on Friday, 26 July 2013. The stock recovered today, 29 July 2013, after the company after trading hours on Friday, 26 July 2013, said bear cartels are working against the interest of the company by spreading a number of malicious rumours and warned that the company reserves its rights to take necessary legal action, including complaining to stock market regulator Securities & Exchange Board of India (Sebi) and all other relevant authorities to investigate and take necessary action into this malicious campaign against the company.
The series of rumours that are spread in the market have a pattern more particularly to spread on Friday and such rumours are spread by some unscrupulous elements with a design to depress the share price of FTIL and damage its reputation, the company said.
Financial Technologies (India)'s net profit fell 68.9% to Rs 87.81 crore on 18.5% increase in net sales to Rs 141.11 crore in Q4 March 2013 over Q4 March 2012.
Financial Technologies (India) is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets, that are transparent, efficient and liquid, across all asset classes including - equities, commodities, currencies and bonds among others. The group operates one of the world's largest networks of nine exchanges connecting fast-growing economies of Africa, Middle East, India and South East Asia. The group also has five ecosystem ventures to address upstream and downstream opportunities around exchanges, including clearing, depository, information vending, payment gateway, among others.
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