HOV Services lost 2.83% at Rs 163.05 at 9:24 IST on BSE, with the stock sliding on profit booking after recent steep rally.
Meanwhile, the S&P BSE Sensex was down 31.66 points or 0.12% at 26,240.31.
On BSE, so far 1.04 lakh shares were traded in the counter as against average daily volume of 2.01 lakh shares in the past two weeks.
The stock hit a high of Rs 179.40 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 159.30 so far during the day.
Shares of HOV Services had rallied a whopping 78.41% in five trading sessiosn to settle at Rs 167.80 on Tuesday, 7 October 2014, from a recent low of Rs 94.05 on 25 September 2014.
HOV Services during market hours on 1 October 2014 said that its board of directors at its meeting held on 30 September 2014, approved the sale of company's entire investment in SourceHOV through its US based wholly owned subsidiary HOVS LLC to promoters, affiliate/related parties. The board also approved the sale of company's entire investment in SourceHOV through its US based wholly owned subsidiary HOVS LLC to other potential buyers. Further, the board approved merger of SourceHOV and BancTec.
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HOV Services during market hours on 29 September 2014 said that the SourceHOV Holdings, Inc, in which HOV Services through its wholly owned subsidiary HOVS, LLC holds a minority investment entered into an agreement with BancTec Group LLC.
Both SourceHOVE and BancTec are headquartered in Dallas, Texas. In the transaction, stockholders of BancTec will receive stock in SourceHOV, and SourceHOV will use a new credit facility to refinance existing indebtedness, redeem certain existing SourceHOV equity holders and provide additional working capital.
Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur this year, HOV Services said in a statement.
HOV Services reported a net loss of Rs 0.08 crore in the quarter ended 30 June 2014, lower than net loss of Rs 0.18 crore in the quarter ended 31 March 2014. Net sales rose 0.61% to Rs 3.27 crore in the quarter ended 30 June 2014 over the quarter ended 31 March 2014.
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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