Polaris Financial Technology surged 3.66% to Rs 137.30 at 11:10 IST on BSE after the Securities Appellate Tribunal quashed and set aside a Sebi order that barred the company's chairman Arun Jain from market activities on charges of insider trading.
Meanwhile, the S&P BSE Sensex was up 108.63 points or 0.52% at 21,183.22.
On BSE, so far 2.14 lakh shares were traded in the counter as against average daily volume of 1.06 lakh shares in the past one quarter.
The stock hit a high of Rs 139.35 and a low of Rs 133.20 so far during the day. The stock had hit a 52-week high of Rs 155 on 7 November 2013. The stock had hit a 52-week low of Rs 96.10 on 14 May 2013.
The stock had underperformed the market over the past one month till 26 December 2013, advancing 0.46% compared with the Sensex's 3.18% rise. The scrip had also underperformed the market in past one quarter, surging 5.08% as against Sensex's 5.94% rise.
The small-cap company has equity capital of Rs 49.77 crore. Face value per share is Rs 5.
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The Securities Appellate Tribunal (SAT) has quashed and set aside a Securities and Exchange Board of India (Sebi) order that barred Polaris Financial Technology chairman Arun Jain from market activities on charges of insider trading. Jain filed an appeal before the appellate body. A 23 December SAT order said, "In view of peculiar facts of present case, without going into the merits of the case and without giving any reasons, impugned order dated October 9, 2012 may be set aside".
It may be recalled that Sebi had in October 2012 barred Jain from market activities on charges of insider trading for a period of two years. The incident dates back to 2000.
Polaris Financial Technology's consolidated net profit surged 38.44% to Rs 59.81 crore on 10.73% growth in net sales to Rs 610.08 crore in Q2 September 2013 over Q1 June 2013.
Polaris Financial Technology is a global leader in financial technology for banking, insurance and other financial services.
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