Zensar Technologies rose 2.43% to Rs 242.45 at 13:08 IST on BSE after the company said it has launched insourcing services division to provide comprehensive services to global conglomerates to set up captive centres in India.
The announcement was made during trading hours today, 3 September 2013.
Meanwhile, the S&P BSE Sensex was down 337.69 points or 1.79% at 18,548.44.
On BSE, 11,503 shares were traded in the counter as against average daily volume of 3,604 shares in the past one quarter.
The stock rose as much as 5.04% at the day's high of Rs 248.65 so far during the day. The stock rose 1.39% at the day's low of Rs 240 so far during the day. The stock hit a 52-week low of Rs 205 on 7 August 2013. The stock hit a 52-week high of Rs 302.45 on 3 October 2012.
The stock had outperformed the market over the past one month till 2 September 2013, surging 12.58% compared with the Sensex's 1.45% fall. The scrip had, however, underperformed the market in past one quarter, declining 4.69% as against Sensex's 4.42% fall.
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The small-cap company has equity capital of Rs 43.65 crore. Face value per share is Rs 10.
Zensar Technologies said that the business of setting up global in-house centres which started many years ago has been getting significant traction over the past few years and continues to mature. This is evident from the growth of captive units and their contribution to India exports. Captive revenues have grown from $3 billion in 2003 to $13.9 billion in 2012. MNCs setting up their captive centres in India indicate that the quality of work in India is on the rise, say experts, Zensar Tech said in a statement.
Dr. Ganesh Natarajan, Vice Chairman & CEO, Zensar said, "As per the McKinsey-Nasscom survey, 52% of companies with captives in India intend to increase their offshore penetration by 15-30% over the next two to three years. It is also expected that almost all Fortune 500 companies will establish their own captives and/or shared services centres by 2020. Recognizing the significant market potential in this space, we have established a separate business unit Insourcing Services' that specializes in closely partnering with large multinational organizations to jointly build enhanced value propositions by utilizing global talent and leveraging a global footprint."
Aamod Wagh, Chief Executive of the newly minted Division said, "The time is ripe in the market for the launch of this service, and Zensar's track record of executing build operate and transfer centres for American and European clients in the past will be leveraged by this newly formed Insourcing Services Division."
On a consolidated basis, Zensar Technologies' net profit surged 55.85% to Rs 60.94 crore on 4.55% growth in net sales to Rs 531.28 crore in Q1 June 2013 over Q4 March 2013.
Zensar Technologies is among the top 13 software services providers from India.
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