TeamLease Services was up 3.71% to Rs 1,898.95 at 15:05 IST on BSE, with the stock extending its recent sharp rally.
Meanwhile, the S&P BSE Sensex was up 40.33 points or 0.12% at 33,259.14.
On the BSE, 2,638 shares were traded on the counter so far as against the average daily volumes of 738 shares in the past two weeks. The stock had hit a high of Rs 1,930.60 and a low of Rs 1,832 so far during the day.
Shares of TeamLease Services have rallied 17.46% in four trading sessions to its ruling market price, from its closing of Rs 1,616.60 on 3 November 2017. The stock had surged 9.67% in a single trading session to settle at Rs 1,830.95 yesterday, 8 November 2017 after the company during market hours on that day announced signing of a definitive agreement with Schoolguru Eduserve (Schoolguru), an online learning company that works with 18 Universities, to acquire around 40% stake in Schoolguru.
The transaction involves the purchase of both primary as well as secondary shares of Schoolguru through a structured deal. The purchase of additional stake by TeamLease is linked to the company's future performance and meeting its milestones. TeamLease's infusion of Rs 13.53 crore into the company shall be primarily used to expand its business into new geographies, strengthen its existing technology and content library, and innovate in new forms of delivery.
The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close before the end of November 2017. Schoolguru will continue to operate as a separate and independent entity.
TeamLease Services' consolidated net profit rose 98.1% to Rs 17.43 crore on 21.2% rise in net sales to Rs 875.61 crore in Q2 September 2017 over Q2 September 2016.
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TeamLease Services is one of India's leading human resource service companies in the organized segment.
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