Hexaware Technologies rose 0.77% to Rs 92 at 14:12 IST on BSE, with the stock extending 2-day 1.61% gains triggered by the company signing a large deal with an existing Fortune 500 client headquartered in the United States.
Meanwhile, the S&P BSE Sensex was up 24.62 points or 0.13% at 18,474.85.
On BSE, lakh shares were traded in the counter as against average daily volume of 4.62 lakh shares in the past one quarter.
The stock hit a high of Rs 92.35 and a low of Rs 91 so far during the day. The stock had hit a 52-week high of Rs 142 on 14 September 2012. The stock had hit a 52-week low of Rs 72.60 on 25 January 2013.
The stock had outperformed the market over the past one month till 5 April 2013, surging 4.94% compared with the Sensex's 3.62% fall. The scrip had also outperformed the market in past one quarter, rising 1.44% as against Sensex's 6.74% fall.
The small-cap company has equity capital of Rs 59.66 crore. Face value per share is Rs 2.
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Shares of Hexaware Technologies have risen 2.39% in three trading sessions from Rs 89.85 on 3 April 2013, after the company during trading hours on 4 April 2013 said it has signed a large deal with revenue estimated at $30 million for a period of 3 years with an existing Fortune 500 client headquartered in the United States.
Hexaware Technologies said it has been associated with the US client for seven years, and this contract further increases its share of wallet with the client. Over the years, Hexaware has evolved to emerge as a key offshore partner for the client, the company said. This contract consolidates client IT spend across various business users and multiple technologies. Through this contract, Hexaware will have an estimated $5 million worth incremental business over the course of the deal. The revenue from this contract will begin to accrue with immediate effect as it also secures extension for the revenue streams from existing service lines for a 3 year period, Hexaware said. An agreement like this gives clients greater predictability over their spend over the course of the deal while giving them greater agility to manage periods of ramp-up and ramp-down in line with business dynamics, Hexaware said in a statement.
As a part of this engagement, Hexaware provides services that cater to multiple business users across different technology platforms. The service lines include: Software Development and Application Services Management (ASM) through Microsoft, Java and Legacy Applications, Enterprise Solutions through PeopleSoft and SAP, Business Intelligence and Analytics (BI / BA), Quality Assurance and Testing Services (QATS), Remote Infrastructure Management Services (IMS) and Business Process Outsourcing (BPO). Having a single order, such as this, gives Hexaware greater predictability on the business volume and the client a greater visibility on their cash outflows and benefits from economies of scale, Hexaware said in a statement.
Hexaware Technologies' consolidated net profit declined 21% to Rs 66.18 crore on 1% decline in income from operations to Rs 502.28 crore in Q4 December 2012 over Q3 September 2012.
Hexaware Technologies is a leading global provider of IT & BPO services and consulting. The company focuses on key domains such as banking, financial services, insurance, travel, transportation, logistics, life sciences and healthcare
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