HOV Services was locked at 5% upper circuit at Rs 83.25 at 11:15 IST on BSE after SourceHOV LLC appointed an investment bank to explore various strategic options.
The announcement was made before market hours today, 1 January 2014.
Meanwhile, the BSE Sensex was up 25.21 points, or 0.12%, to 21,195.89
On BSE, so far 8,305 shares were traded in the counter with pending buy orders of 27,554 shares at upper circuit. The stock has an average volume of 35,007 shares in the past one quarter.
The stock hit a high of Rs 83.25 and a low of Rs 82.80 so far during the day. The stock hit a 52-week high of Rs 97.50 on 16 December 2013. The stock hit a record low of Rs 20 on 22 March 2013.
The stock had outperformed the market over the past one month till 31 December 2013, rising 37.32% compared with the Sensex's 1.82% rise. The scrip also outperformed the market in past one quarter, surging 166.55% as against Sensex's 9.24% rise.
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The small-cap company has an equity capital of Rs 12.49 crore. Face value per share is Rs 10.
HOV Services before market hours today, 1 January 2014 said that SourceHOV LLC has appointed an investment bank to explore various strategic options. No other details were provided. HOV Services through its US-based wholly owned subsidiary (WOS) owns stake in SourceHOV LLC. The appointment of investment bank has been approved by SourceHOV on 29 December 2013, HOV Services said in a statement.
HOV Services' net profit fell 20% to Rs 0.40 crore on 2.77% fall in net sales to Rs 3.15 crore in Q3 September 2013 over Q2 June 2013.
HOV Services, operates as a hybrid between investment and diversified services corporation. The company has grown over the last decade through series of key acquisitions in target industries leveraging the global footprint and now has presence in the US, Canada, India, China, Mexico and the Philippines.
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